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2026-05-06 2026-05-06 iso4217:USD pure false 485BPOS 2026-05-06 0001976322 N-1A Themes ETF Trust 2026-05-01 Leverage Shares 2X Long STX Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long STX Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Seagate Technology Holdings plc (Nasdaq: STX) (“STX” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zlaBMVmuEj07" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of STX. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zzQucf6zwqX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zKkSffpRRcO5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_z61X71uBHxec" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49C_20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member__oef--ClassAxis__custom--C000274864Member_zrRs0wvY67Mk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zJihXscZGhN7" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F44_zmRFRB8tMrw1">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLf1LkduQW48" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zCq6F11SNSu4" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F4F_zsdJ7coX15E6">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_znNFqHN8xEA6" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F46_zS74Q0SHWwJg">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F03_zBrWMFGEF7z7">1</sup> </td> <td id="xdx_F1C_zXDbvNd3apAc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F02_zCkMeq27Hoek">2</sup> </td> <td id="xdx_F1D_z7lZFpxdKUnd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_90E_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member_zcl04F5oM9gl">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F06_za7odjPULvcj">3</sup> </td> <td id="xdx_F17_zBxifofyBmkk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_z2W07TyWcDo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member_zeFwDj1TEHEd">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zC8u3giyYfq5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zvfSfmHOBF65" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zZNpwdqgNxm8" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zrnl7rijKook" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_415_20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member__oef--ClassAxis__custom--C000274864Member_z8qRVMmLHhY5" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zFDEnXvxzdWg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zTQ3sJ0y3Qke" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Seagate Technology Holdings plc is a global provider of data storage technology and solutions. The Company designs, manufactures, and sells hard disk drives (HDDs) for use in data centers, enterprise applications, and client computing environments. Its products are primarily used by cloud service providers, original equipment manufacturers (OEMs), and distributors to store and manage growing volumes of digital data, with a focus on delivering high-capacity, cost-efficient storage solutions that support data center growth and data-intensive workloads. The common stock of Seagate Technology Holdings plc is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-31560 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A86_eoef--RiskTextBlock_z8OP1EwGPBw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_906_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zV9YsILPs9Yf">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zGlbvzNeeX29" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 40.99%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 53.10% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 34.68%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zXksv1Vd2Gug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SeagateTechnologyHoldingsplcInvestingRiskMember_zSf9EF2pktS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Seagate Technology Holdings plc Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Seagate Technology Holdings plc is subject to risks that include, but are not limited to: fluctuations in demand for data storage products driven by cloud and enterprise spending cycles and general macroeconomic conditions; rapid technological change and intense competition, including shifts toward alternative storage technologies; significant pricing pressure and industry cyclicality; dependence on a limited number of large customers; challenges in managing inventory levels, demand forecasting, and product transitions; reliance on a limited number of suppliers for key components and materials; manufacturing concentration and risks associated with operational execution and product quality; intellectual property risks; geopolitical tensions, trade restrictions, tariffs, and export controls; cybersecurity threats and data security incidents; and risks related to indebtedness, foreign currency fluctuations, and regulatory compliance. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z3MoruewUbwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zAr3vzLvls8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zCStLAM2qF29" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z6uCg2ks9bHd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_ziSKDD6EtIde" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zEMbsYI2q9Se" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk.</i> The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zxhg3xKgLJH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zYM5UJpad6Jh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zSqx2XriIcXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zUsRccGT5vYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z4PW6FNuyzrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zEFjfufgIloi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zVVU80ROVENf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z4eDkNurib82" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zT3gDcXmHNLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zk79uYIeASb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zfbp0GICb3ef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zsJRQ9Zvd78a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zTF81eoaPtQ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90A_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_ztMWkvAfsSW7">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zaKiN96VzE67" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zO4dUctasmi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z9FpXNL8lEJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zvaJRwv1c09l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member_za53VrGBd9hg">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member_zR3VMR7VZQy2">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104263Member_zWj5h4S1hV6c">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long SNDK Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long SNDK Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Sandisk Corporation (Nasdaq: SNDK) (“SNDK” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zU9CFTCHGcV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of SNDK. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zbD69QIDon24" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zZIhUfYvVnp3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zCn5N9L8AhD1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49F_20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member__oef--ClassAxis__custom--C000274863Member_zNQn3QHzXESg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zQLO4NX28yWd" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4B_zA83d0dPB62c">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfjs6f8uFMt" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zCAOSSO1jf64" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F44_zHOeS5yDbXzl">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zxWoXbuohIQ3" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F49_ztslTP7j8aT4">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F0C_zQ26BLejUcDc">1</sup></td> <td id="xdx_F19_zhi0RoOsMVrl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F07_zKznhfwWphN5">2</sup></td> <td id="xdx_F10_zSwZS1SP11H6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member_ztbfDXaF67J9">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F06_zezZKPtiMPo9">3</sup></td> <td id="xdx_F15_zkNucVHH6uqa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zeSjoXjdaPul" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_903_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member_z2V6v5Zb14Wb">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpZuoX4aXQYa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_ziCibHZCvRD8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zFTrdBvlFXta" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zhfIAiI0gE28" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41F_20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member__oef--ClassAxis__custom--C000274863Member_zBQl17v1zyC" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zIGNLy8YsnBe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zPQjhC3nfeu2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Sandisk Corporation is a global developer and supplier of flash-based data storage solutions. The company designs and sells NAND flash memory, solid state drives (SSDs), and embedded storage products used in consumer devices, mobile phones, client and enterprise computing systems, and cloud infrastructure. The common stock of Sandisk Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-42420 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A88_eoef--RiskTextBlock_z9F4Eds8IVaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90E_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z3NIa8ggLOg6">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zi8Q99x5WMW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this Prospectus, the Underlying Security has not yet traded on a listing exchange for a one-year calendar period and, therefore, does not have an annualized historical volatility rate or total return performance available to report. When available, historical volatility and performance are not indications of what the Underlying Security volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of the Underlying Security may differ from the volatility of the Underlying Security. Given that the Underlying Security recently commenced trading in February 2025, there is limited data on which investors can evaluate the security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zohj4VoSy1Ua" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SandiskCorporationInvestingRiskMember_zUHxKKSqdSY9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Sandisk Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Sandisk Corporation is subject to risks that include, but are not limited to: its business depends heavily on a concentrated and capital-intensive flash memory supply chain, including reliance on limited manufacturing partners and joint venture arrangements, exposing it to disruptions, supplier concentration, and cost volatility; it operates in a highly cyclical and competitive flash memory industry characterized by rapid technological change, periodic oversupply, and significant pricing volatility, which can materially reduce revenue, profitability, and cash flows; it depends on a limited number of large customers, including original equipment manufacturers and cloud service providers, and the loss of or reduced demand from such customers could adversely affect results; it faces risks in managing inventory levels, demand forecasting, and product transitions, including the potential for inventory write-downs; it relies on proprietary technology, patents, and licensing arrangements, and is exposed to intellectual property disputes, litigation, and potential loss of technology rights that could increase costs or limit its competitive position; the company faces operational and cybersecurity risks, including potential system failures, data breaches, or product defects, which could disrupt operations, increase costs, and damage customer relationships; its substantial international operations expose it to foreign exchange fluctuations, tariffs, export controls, and geopolitical risks that could disrupt supply chains or reduce demand; and as a recently independent company following its separation from Western Digital Corporation, Sandisk faces execution risks related to establishing standalone operations, maintaining supplier and customer relationships, and managing costs without prior scale advantages. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zDS4z8Zld7Kf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zHjecOMcLJi1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z256D3eT5kR3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zh4pwg6VgZFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zTKcHpu2ebZ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zyjRhLhhJtUi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk.</i> The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zjqDgLHvPpoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zPVUh4f2zFNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zSyZYrgM049f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zqOZORAmzJpi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zx6mNX0Wx9if" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zlq3Vhgh1vj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z3Kk9UYQ7JXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zOtK5qQNN5w4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_ztW2Y8z93XNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zVoDJhD424R2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zOHyeDc7nlNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zYLLGD1331ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z08SXdDhuWOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_903_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zIkFXTXT4uf2">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zbNFvx9WVgf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z6NLSlGakEH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zeI9ciCaORrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zAeW2hI3OMg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member_zjcz8I5iuHzi">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member_zcQKp4mSlrO5">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104262Member_zSHNhzoY5Ak3">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long WDC Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long WDC Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Western Digital Corporation (Nasdaq: WDC) (“WDC” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_z8T2rGKPgk2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of WDC. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zumaSkzzAfm3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zAG4TINJtIOk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zO9mEkzrc2A7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member__oef--ClassAxis__custom--C000274869Member_zsE9SJplQtW" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zVrXABOrVLil" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F43_zwP70WZ4zWZ8">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZkERZ0sxXSj" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z0rtxjkZb0yd" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F47_zb956kMGsaI6">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zGByuZDvuSJd" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4A_znZ9RucI2AP8">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F0F_zy1aDqHWOI9i">1</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zRRlwIduTyHl">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F09_z1PG6v4PRsl8">2</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F15_zCxGJc05PSN2"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member_zAZZi5HzzeBg">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F08_zodmZFpO5EYh">3</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F15_zBS468jrXDVg">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zX9uPhMjNevc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member_zpjtKoyH49zd">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zEWgpKWxj276"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z5G6lDSKiYUk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_zaWt86YRZe93" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zSpra7OQZR49" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_416_20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member__oef--ClassAxis__custom--C000274869Member_zLem01VEnB9" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zbxVdXrwasHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zYYj80oW6fUb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Western Digital Corporation is a developer, manufacturer, and provider of data storage devices and solutions that enable the creation, management, and preservation of digital content across a wide range of applications. It focuses primarily on hard disk drives (HDDs), which are used in cloud infrastructure, enterprise data centers, and client devices, and provides storage solutions designed to address growing global demand for data driven by cloud computing, artificial intelligence, and digital transformation. The common stock of Western Digital Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-08703 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A88_eoef--RiskTextBlock_z4GoL3Bo3XCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90E_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zyEMBakyFOAd">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zDNjeUj4Zyc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 44.95%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 54.77% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 32.71%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zgDVuZUnX3lk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--WesternDigitalCorporationInvestingRiskMember_zHB4TJG1nNtc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Western Digital Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Western Digital Corporation is subject to risks that include, but are not limited to: its business operates in a highly cyclical and competitive data storage industry characterized by significant fluctuations in supply and demand, rapid technological change, and pricing volatility, which can materially affect revenue, margins, and cash flow available to service debt; the company relies on a limited number of large cloud service providers and original equipment manufacturer customers, and the loss of or reduction in purchases by key customers could materially impair its financial performance; its operations depend on complex global supply chains and a limited number of suppliers for critical components, exposing it to disruption risk, cost volatility, and potential production constraints; it must make substantial ongoing capital investments in research and development and manufacturing capacity, and there is no assurance that such investments will generate sufficient returns, particularly during industry downturns; it faces technological transition risk, including the potential for competing storage technologies or failure to successfully develop and commercialize next-generation products; it is also exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality risks that could increase costs or damage customer relationships; and its global operations subject it to foreign exchange volatility, tariffs, export controls, and geopolitical risks that could disrupt supply chains or reduce demand. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zXfHpKJAdsql" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zwpkQeQPyIc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zm2bTWIYWQrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zujuwRs6rR2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zq4VnFGazABk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zQe33CfugxE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk. </i>The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zCYQakDD5OKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zxlUX1kiiwTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_ztoP5YBCuTvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zovJMpNCdwZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ztUXKKp7cPZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zi72jLMeTre7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zgdBVu7u6cah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zaDOfrC1FAT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zB41NseDqqh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zhGZW2WlWZw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zHEWHesiYJkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zY3LsxlnF0Ve" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zTB39EQ4LwH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_905_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zzFBn5EVzA0k">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zwRlEjmccfW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zfQbXN40E66l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zUOz2Hxeu6z7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zLoLaBcoJ6Ac" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member_zdRkhHPxh0Q7">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member_zzEUqdEkgzn1">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104268Member_zXzvK2gIaCt4">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long TXN Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long TXN Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Texas Instruments Inc. (Nasdaq: TXN) (“TXN” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zXInOoSywJj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of TXN. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_z0b4XEJPb9Z7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zlO5rUoKis0g"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zquKmEUZgL2k" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_499_20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member__oef--ClassAxis__custom--C000274866Member_z3jRezss0Spa" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zgIq6iELr9g5" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4A_zGVkiD1UJE99">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3vldcS9z057" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zYei2TM7h8xc" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F48_zwvSF5sHSNei">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zSrxsfFa1bDb" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F44_zKsWW8BIsvOk">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F09_zt8KjxcnZAJj">1</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1F_z96HqCcXhWL5">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F0C_zHEHtXmeBQAb">2</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1A_z7ygY8WGBejf"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member_zDJoAcDkbk6g">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F00_zGPDtWzMztP6">3</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_z6KE1m9iGJUh">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zSkJAXCAKt72" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90F_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member_z63mA50wRjRe">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeH3cimfmeFi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zukPgzuQlHI7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zsJWGGWA0vnk" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zOXmWQvwc2T3" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_416_20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member__oef--ClassAxis__custom--C000274866Member_zrNPBq8u2RWc" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zHDPTzwavQmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zUme2ahOQxI7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductors equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Texas Instruments Inc. is a global semiconductor company that designs, manufactures, and sells analog and embedded processing chips used in electronic systems. The common stock of Texas Instruments Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-03761 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A86_eoef--RiskTextBlock_zidoTeQZbE4g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_909_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z52sLI3e8U5k">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zje2XIi4pKX5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 30.48%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 40.11% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 1.12%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zNlKjPATmQNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TexasInstrumentsIncInvestingRiskMember_zKKZRGUJRUxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Texas Instruments Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, Texas Instruments Inc. is subject to risks that include, but are not limited to: its business operates in a highly cyclical and competitive semiconductor industry characterized by fluctuations in supply and demand, rapid technological change, and pricing pressures, which can materially affect revenue, margins, and cash flow available to service debt; it relies on demand from industrial, automotive, and other end markets, and downturns in these markets, changes in customer purchasing patterns, or inventory corrections could materially impair its financial performance; its operations depend heavily on internally owned manufacturing facilities, including semiconductor fabrication, assembly, and test operations, exposing it to risks associated with manufacturing disruptions, equipment failures, natural disasters, supply chain interruptions, and capacity utilization fluctuations; it must make substantial ongoing capital investments in research and development and manufacturing capacity, and there is no assurance that such investments will remain competitive or generate sufficient returns, particularly during industry downturns; it faces technological transition risks, including the potential for competing semiconductor technologies or failure to successfully develop and commercialize new products that meet evolving customer requirements; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality risks that could increase costs, disrupt operations, or damage customer relationships; and its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains, increase costs, or reduce demand. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zddnybTqbwya" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z0EkTZyBs7Lg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zMGyEgn2rZr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z3vn911IMdJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z7Ju404xaMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zuyBLt38jOm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Semiconductors and Semiconductor Equipment Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zRFr96R5jnff" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zcJaHSorIIQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zeegxXUIG6s5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zYNIWML4m8Y7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zvQaGvFfvBt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zIcU9cSsPIsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zgIQ2yza94Nf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zCKzTJns1l6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zyxkaO8FDB81" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zbht0IUXrQX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zNIDd1Dag255" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z19RAhwWyK6c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zm1Igb5UzW0a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_901_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zuLgSea6PGQk">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z4sGvE8yVVkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zzfkzQOrYMi3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zxfg7mVJ8tM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_z0PEmi4H1x04" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member_zZLqYOeowwN1">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member_zFHsfDI8krIb">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104265Member_zUi07VM17G94">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long COHR Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long COHR Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Coherent Corporation (NYSE: COHR) (“COHR” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zT0NRtbYuLmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of COHR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zOfv7jmRzlnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zwTbIVQ7bL2c"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zRTxb0lPvfaj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member__oef--ClassAxis__custom--C000274847Member_zquDgCtfQlp6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zYD0801KsCGg" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F41_zgk6S86NjRG">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_ziz4IPJJKvXb" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zxhJGzvC5u98" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F43_zTfJ9eyprJnd">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zDWSW8Y4FVg1" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F49_zzrp5wYgCpd4">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F0E_z2sdruN6KVLl">1</sup></td> <td id="xdx_F1A_zmaEypK3b8jl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F0D_zrmcKZjDLpV8">2</sup></td> <td id="xdx_F1B_zbl3pEape9U3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member_zBixnESUS5F">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F0B_zRZ9EeOyPJs9">3</sup></td> <td id="xdx_F11_zQjeyEb9LzIh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zSMgqaOemQ92" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_906_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member_zwEc3Yb4ZEja">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKqRlA1fq5g2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z9fONTmCLall" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_zHSEoShI1tU6" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_z7q4tK14Z0ol" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_413_20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member__oef--ClassAxis__custom--C000274847Member_zzrfPu78RXSc" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zhFYGt2XeYHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zqnKyIYXf55" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Coherent Corporation develops, manufactures, and sells engineered materials, optoelectronic components, and photonic systems that enable applications in communications, semiconductor manufacturing, and industrial processing. Its products include semiconductor materials and devices, optical components and modules, and laser systems used in optical networking, semiconductor equipment, and industrial applications. The common stock of Coherent Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-39375 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A8C_eoef--RiskTextBlock_zQCDfzBwVmnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90F_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zCiwOGKq7QG3">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_ztrnOcimvxYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 58.32%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 74.86% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 19.43%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z35aVyoeHvzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CoherentCorporationInvestingRiskMember_zKvoQCEuMBv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Coherent Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Coherent Corporation is subject to risks that include, but are not limited to: its business operates in highly cyclical and competitive end markets, including semiconductor manufacturing, optical communications, and industrial applications, and fluctuations in demand, capital spending cycles, or global economic conditions could materially affect its revenue, margins, and operating results; it relies on a limited number of large customers and the loss of or reduction in purchases by key customers could materially impair its financial performance; its vertically integrated manufacturing operations depend on complex production processes, specialized equipment, and global supply chains, exposing it to risks associated with manufacturing disruptions, supplier concentration, equipment failures, natural disasters, and capacity utilization fluctuations; it must make substantial ongoing capital investments in research and development, manufacturing capacity, and advanced materials and photonics technologies, and there is no assurance that such investments will maintain its competitive position or generate expected returns; it faces technological transition risks, including the potential for competing technologies or failure to successfully develop and commercialize next-generation optical, semiconductor, and laser products; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product performance or quality issues that could increase costs, disrupt operations, or damage customer relationships; its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks, particularly in regions critical to semiconductor manufacturing and optical communications supply chains; and it has grown through acquisitions and may face integration, restructuring, and execution risks, including the ability to achieve expected synergies and manage increased operational complexity. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zaNidR3413nh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zLJhnQSDbzPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zRtqV50ThlA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zucJrcgB16Ia" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zIduAyi7p9cg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zmj226xytsB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk.</i> The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zDUT9or5uZpg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zH4wi2i7q3Ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zGabkflPeG6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zdtNKGScPXLh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zoJIbPuHEuW5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z9eOphkLQdd5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_ztUOOucgcGrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zMFcVlASP5n9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading.</i> Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z5OiAp9cNTPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zdIPOSkm8Mt8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zvKiK59GZYA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_ztE8I1tWkpG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zHaEin7Go4Ic" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90E_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zeWT1oeWCBL1">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zjlApi84Sfzh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zrZ6rGqibEUl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zHGXtQXwgbx7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_ztbCTh8z3Val" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member_zoHiaPyh1fG2">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member_z9SuOiKEnrll">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104246Member_zzXzyfeSMEuh">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long CIEN Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long CIEN Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Ciena Corporation (NYSE: CIEN) (“CIEN” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zEejKOMqlw82" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of CIEN. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zUq6KBVzMAdk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zN61sm9ioXb2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zRcuYEWTmiF6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member__oef--ClassAxis__custom--C000274875Member_zCjYanpL5aCh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zJ2COL915eib" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4E_zUtzBnhxeHz">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmxHEM2Ojcvl" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zLKL5jss57Z1" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F49_zSpyK3mfsSU">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z829sAuJsFi5" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4D_zhTKh6KXCt6b">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F0F_zrJ3qK3Bkwfd">1</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1F_z4ocufs0s3pe">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F08_z8wrpbexAR0e">2</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F17_zJIJNqEL4jH9"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member_zH0FF5LOWly">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F0B_zssiKj5ptG4l">3</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F19_zIvT6Ztqukci">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zJpiMTxK3I05" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member_zs8ljbK1f4F9">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRwmvUpwx1F2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zMWsK3CSeVaj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zR9bF1u08k6d" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zpZrkXckvaXd" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41E_20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member__oef--ClassAxis__custom--C000274875Member_zy8d9aTyK5H6" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z9gCSuSAY4qc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zXBE5tSGXLy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Ciena Corporation provides networking systems, software, and services that enable high-speed data transmission over optical and packet-based networks. Its solutions are used by service providers and enterprises to increase network capacity and manage large volumes of data traffic across fiber optic networks. The common stock of Ciena Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-36250 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A8C_eoef--RiskTextBlock_zXOjWRzfySe4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_903_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zxAfrfNiNKNd">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zIyf8WisADa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 43.52%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 60.90% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 34.64%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zNt8K3Zj5LRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CienaCorporationInvestingRiskMember_zFPD6zCbkohh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Ciena Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Ciena Corporation is subject to risks that include, but are not limited to: its business depends on capital spending by telecommunications service providers, cloud operators, and other network customers, and reductions, delays, or variability in customer spending or project timing could materially affect its results of operations and cash flows; it relies on a limited number of large customers, and the loss of or reduction in purchases by key customers could materially impair its financial performance; its results may be affected by variability in order flow, backlogs, and the timing of large customer deployments; its operations depend on complex global supply chains and manufacturing partners, exposing it to risks associated with supplier concentration, component shortages, logistics disruptions, and cost volatility; it operates in a highly competitive and rapidly evolving technology industry and must successfully develop and commercialize new networking products and software to meet changing customer requirements; it must make substantial ongoing investments in research and development and product innovation, and there is no assurance that such investments will generate sufficient returns or maintain its competitive position; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or performance issues; its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains, increase costs, or limit market access; and it may face risks associated with acquisitions, integration efforts, and restructuring activities, which could increase operational complexity or prevent it from realizing expected benefits. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zXJXSlPjCt23" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zPoKdEj0Oal" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zLVreV3J0wP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zvpFvaZD5dXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zDZdOPRuAtJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zh4YVerTqOl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk.</i> The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zg5bsg58G2Ie" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zur9NDSUrC44" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zVsrJ7EfxlE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zbKQHg73Yn91" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zj6FrqFYp9Gb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zt4Dc21Txipf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zhQpbS1egwU5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zru8QLME1nLl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading.</i> Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z5lhsUkQ0Rdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zqMPGl5Gnuu" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zCaPAOvtX799" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zExT9gowYu0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zlxlLZpD5tdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_908_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zqXKab1yXFof">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zTVai6CjXFJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zvaG4Jonr1n2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zxd9M43TgZl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zSxwsSu4SBQ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member_zCJbBQ6crhNd">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member_zsmuIiL2JfJa">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104274Member_zEkjnURKFVH2">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long CAT Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long CAT Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Caterpillar Inc. (NYSE: CAT) (“CAT” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security.An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zPVXeujiwekc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of CAT. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zyKmtJgqduu3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zVbRRJbgsA0h"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zoj4a5skJUR8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_491_20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member__oef--ClassAxis__custom--C000274873Member_z3eK1EInGUg5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z8EAX7zI3mv8" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4D_zWPIdvxt8Rcl">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOgI1718vuck" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zPlR8jqeacXc" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F40_zeEGwfHz3p7d">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z6Sf8dFDQNCd" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4F_zSkSMfslnDu1">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F08_zBtQmvmSRhhh">1</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_zBvegr2kk9A5">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F03_zgcfvRhCiudc">2</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F10_zggUMFZRKtK8"><span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member_zZSnx4e8tDT3">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F06_z38zXZP1NxX8">3</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F13_zXeMyVTD96Ki">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zawi3g9Wfjtc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90F_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member_zOVkoOzosxgl">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5FRnlPXw2hk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zWKKwxfYgGl9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_z01fLI7iOwbg" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_zThe280j0sY5" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41E_20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member__oef--ClassAxis__custom--C000274873Member_zVtUFXCo8EJj" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zLt6oPLzZaIi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zCALWvLy9Ua5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Caterpillar Inc. is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It also provides financing and related services through its financial products segment to support the purchase and leasing of its equipment. The common stock of Caterpillar Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-768 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A83_eoef--RiskTextBlock_ztz7qZzwUam7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90A_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zTVSoi4YSat6">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z0OTXLdwGdPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 29.29%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 33.51% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 25.77%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zVS5pBUmGZul" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CaterpillarIncInvestingRiskMember_zDybLxDw3T81" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Caterpillar Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Caterpillar is subject to risks that include, but are not limited to: its business operates in highly cyclical end markets, including construction, mining, energy, and infrastructure, and declines in global economic conditions, commodity prices, or infrastructure spending could materially affect its results of operations and cash flows; it relies on a global dealer network and large customers, and disruptions to dealer relationships, financial distress among dealers or customers, or changes in dealer inventory levels or reductions in customer demand could materially impair its financial performance; its operations depend on complex global supply chains, manufacturing facilities, and component suppliers, exposing it to risks associated with supplier concentration, raw material cost volatility, labor disruptions, logistics constraints, and manufacturing interruptions; it must effectively manage production levels, inventory, and capacity to align with demand, and failure to do so could adversely affect results; it must make substantial ongoing investments in manufacturing capacity, product development, and new technologies, and there is no assurance that such investments will generate sufficient returns; it faces risks related to technological change, including the need to develop equipment that meets evolving emissions standards, regulatory requirements, and customer preferences; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or safety issues; its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could increase costs or limit market access; and its financial services operations expose it to credit risk, interest rate risk, and the potential for customer defaults, which could negatively affect earnings and liquidity. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zINEr3AXUUtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zyQQAmPRaGjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zyaM7YXXu9v5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zdnF0uqCfOj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zKj5I5kiwTD4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zgc3yFpvBhm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Capital Goods Industry Risk. </i>The capital goods industry may be adversely affected by fluctuations in the business cycle and changes in demand for manufactured products and infrastructure. Companies in the capital goods industry are highly dependent on corporate capital expenditures and government spending, which tend to decline during periods of economic slowdown or uncertainty. Demand for capital goods is often cyclical and may be sensitive to changes in interest rates, credit availability, and business confidence, which can result in reduced order volumes, project delays, or cancellations. In addition, many capital goods are sold into global markets, and companies in this industry may be affected by international economic conditions, trade policies, tariffs, supply chain disruptions, and currency fluctuations. Companies in the capital goods industry may also be impacted by volatility in input costs, including raw materials and components, as well as by longer production cycles and backlog risk, which may affect the timing and predictability of revenues and earnings. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zmmet0gG1R73" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zZMjIGEhr87i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zluQEYcGDHM" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zRXTuH8w7lgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zHnESVUowbY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zSYmifeO0uUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zji9E2BiXpF" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zRynQC1znSi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading.</i> Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zedQ1F42uRcl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zCXdfkPXY7l8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zthOdv0GsmJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z1NGTJYZGsw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zm2cPr1PCzok" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z08VeYOfnYS7">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zJXBhPD0j3k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zyWFkQpIClM2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zcVedHOYEbqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_znEHOL8ymAeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member_zlLz8oABYaF5">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member_zJPKcShTK254">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104272Member_zZi5Pc3dNTka">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long SAP Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long SAP Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded American Depositary Receipt (“ADR”) of SAP SE (NYSE: SAP) (“SAP” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zlhRY8PG7L64" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the ADR of SAP. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zayylL6qzyM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_z95xwwfLAJvh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zsChq9timcDd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member__oef--ClassAxis__custom--C000274862Member_zqnONA6iYua2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zmXF5UyxOntd" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4A_zh9wBkR29v9g">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zhUDX2TDAnq4" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zro6uxquXHD3" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F4A_zWcHl6LEx1H8">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z2GPNi82KBXd" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4C_z00es2ABov4k">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F0C_z7iJnGyJD8D5">1</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_z8QhyGx5vFjj">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F0F_zahI4Fxxf7k7">2</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1F_zZqVVo1SDXZ8"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member_zdQgCtZnykMl">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F0F_zAJqamVKpmnl">3</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1C_zbjfrETtQNU8">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zyYp1mTrsxL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member_z6fldvYXpV6i">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0cPa1x7LcLi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z62lCER5jIZ8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_z8IbfJfDvBN6" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zNj5RY3gBaYj" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41C_20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member__oef--ClassAxis__custom--C000274862Member_zfSGY7hGh3mj" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zIh3rSADXcn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zkza6EsI2GY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SAP SE provides enterprise application software and related services that help organizations manage business operations and customer relationships. Its solutions enable customers to run core business processes, including finance, supply chain, procurement, human resources, and analytics, and are increasingly delivered through cloud-based subscription offerings. The common stock of SAP SE is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-14251 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>The Fund will enter into swap agreements and options contracts based on the Underlying Security, which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A86_eoef--RiskTextBlock_zAp2aUnEer1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_909_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zYixTJnGX96k">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z5zpPvh013i3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 26.36%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 32.99% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 13.25%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zXRzBkMg3XBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SapSeInvestingRiskMember_zdLBXFXfdeR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>SAP SE Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the software and services industry, SAP SE is subject to risks that include, but are not limited to: its business depends on demand for enterprise software and cloud-based solutions, and adverse economic conditions, reductions in information technology spending, or delays in customer purchasing decisions could materially affect revenue, margins, and cash flow available to service debt; it is transitioning its business toward cloud-based subscription offerings, and failure to successfully execute this transition, manage associated costs, or maintain customer adoption could adversely affect its financial performance; it operates in a highly competitive and rapidly evolving technology industry and must continuously innovate and enhance its software offerings to remain competitive, and failure to do so could result in loss of customers or market share; its business depends on complex global technology infrastructure and third-party service providers, exposing it to risks associated with service disruptions, data center failures, and vendor performance issues; it is exposed to cybersecurity threats, data breaches, and privacy risks, which could result in regulatory penalties, legal liability, increased costs, and reputational harm; its global operations subject it to foreign exchange volatility, tariffs, export controls, data protection regulations, and geopolitical risks that could increase costs or limit market access; the company may face risks associated with acquisitions, integration efforts, and restructuring activities, including the ability to realize expected synergies and manage operational complexity; and it is exposed to intellectual property risks, including infringement claims and challenges in protecting its proprietary technology. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zjD20yr2JvH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zhioLzoE4fGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zjjqDzzYus8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zbTsYzlm40Oh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zZoCBGKtEPq" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z8899gDIIQY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Software and Services Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Many computer software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by computer software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_ziFTCtVr4b96" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zE6jMMTkoK2k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z90SUcanspab" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zKtTbxZyplDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zCy1JyMeY6be" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zwWqP6N97xxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zCWnx6drgXdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zj8wgulNqI19" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zxYSSICpsNug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zFqYxKgHVvs1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zDKjtx6yfwtg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zfOyJUugyfT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zuspkRz6nq93" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_905_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zJWQM6hxKi21">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zXUeu6RROYG8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zN3LJUwOmtmc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zv3UC26mXr43" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zNx7G9ZtMbge" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_906_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member_z9imD3OxMTC8">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member_zWs9jlQHacL7">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104261Member_zCohvobVVvBg">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long HON Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long HON Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Honeywell International Inc. (Nasdaq: HON) (“HON” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zmPm4rr4IkKd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of HON. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_z6gbTOW3qZta" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zjyLw8TWuWf9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zROYPdRVIJx9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49A_20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member__oef--ClassAxis__custom--C000274854Member_zOuzdosEgWXc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zCcbHPyOlVxg" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F43_zO2ycBlTz3gk">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z65y8sLkgyff" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zVRJYjOJZ0gb" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F49_zhMsNYtfDbp6">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zLt7w5NWixT3" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F44_zQBUPcshBAM9">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F08_z2GAUiPs3ieb">1</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zG0HKYBSObe8">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F0A_zhZBThnnT7Le">2</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zCPCY5uXa6Hj"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member_zuurvj7sVL8">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F08_ziQOCdZGqUN9">3</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1A_zvCStblanWpk">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zlDHWQqk9L1j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90C_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member_zqIoocBqKBY">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrVODw4fIkXe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zpq90VAppUY7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zLSInA8Iax95" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_z17MP0yr2E38" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41A_20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member__oef--ClassAxis__custom--C000274854Member_z1gV0TNA0BYl" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zmdbRlD6Dqpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zvNhMx6Ss507" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^®(“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Honeywell International, Inc. is a global technology and manufacturing company that develops and provides aerospace systems, industrial automation solutions, building technologies, and energy and sustainability products and software. Its offerings include aircraft components and avionics, process control systems and industrial software, building management and safety systems, and advanced materials used in energy and industrial applications. The common stock of Honeywell International, Inc is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-8974 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A82_eoef--RiskTextBlock_z7iIIVp7HYme" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_909_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zNUrh5R8hibb">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zUP3kVZh3vmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 21.19%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 24.90% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -0.54%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zT2Z32eFnPn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HoneywellInternationalIncInvestingRiskMember_zoRP1bEHrED9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Honeywell International Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Honeywell International Inc. is subject to risks that include, but are not limited to: its business operates in highly cyclical end markets, including aerospace, industrial automation, building technologies, and energy, and declines in global economic conditions, reductions in capital spending, or disruptions in commercial aviation could materially affect its results of operations; it relies on large commercial aerospace manufacturers, airlines, industrial customers, and government contracts, and reductions in customer demand, delays in aircraft production, or changes in government spending could materially impair its financial performance; its results may be affected by changes in commercial aerospace production rates and aftermarket demand, as well as variability in order flow and backlogs; its operations depend on complex global supply chains, manufacturing facilities, and component suppliers, exposing it to risks associated with supplier concentration, raw material cost volatility, labor shortages, logistics disruptions, and manufacturing interruptions; it must make substantial ongoing investments in research and development, manufacturing capacity, and new technologies, and there is no assurance that such investments will generate sufficient returns; it faces technological transition risks, including the need to develop and commercialize new aerospace, automation, and energy technologies that meet evolving customer requirements and regulatory standards; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or safety issues; its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains or limit market access; and it may face risks associated with acquisitions, divestitures, restructuring activities, and integration efforts, which could increase operational complexity or prevent it from realizing expected benefits. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zisJ73Gd3Sv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z0edVw4zaoFg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zdGUu1ciYPyc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zWEQ4v6HFGlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zlbxm8g8z3A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_znyaTPCWZcNg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Capital Goods Industry Risk. </i>The capital goods industry may be adversely affected by fluctuations in the business cycle and changes in demand for manufactured products and infrastructure. Companies in the capital goods industry are highly dependent on corporate capital expenditures and government spending, which tend to decline during periods of economic slowdown or uncertainty. Demand for capital goods is often cyclical and may be sensitive to changes in interest rates, credit availability, and business confidence, which can result in reduced order volumes, project delays, or cancellations. In addition, many capital goods are sold into global markets, and companies in this industry may be affected by international economic conditions, trade policies, tariffs, supply chain disruptions, and currency fluctuations. Companies in the capital goods industry may also be impacted by volatility in input costs, including raw materials and components, as well as by longer production cycles and backlog risk, which may affect the timing and predictability of revenues and earnings. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zqmdHPNNYXRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zJlrLPoDcNHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zaakGiw2K4Qd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_ziMyStOyVcHa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zqCFwwXhDzd8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z3cVeYzSvTOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zmucnJAoRRpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zP04VTggBMOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zooXCAieUFMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zPLnJ59dfyX9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zcFmPjFSjJbg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zBpxxGllUsjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zfSlY6Zx86n6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z5YcgoGdQymb">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zuekGcjaqiM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zyVGcbWI5NZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zEhS9o689upa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zYshUmChgKPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member_zHkNzFHkt98a">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member_zhGwIKfMy2S7">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104253Member_zr3KW9WHwLS5">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long AG Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long AG Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of First Majestic Silver Corporation (NYSE: AG) (“AG” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zNGvXStXLHrj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of AG. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zGrUskGspc2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z5Z1ow4PuOX4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zE5jAyUHypfi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member__oef--ClassAxis__custom--C000274857Member_zRCVFZ8uiU4j" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z3QECkre7uW9" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F41_z0FJd8T3rQz6">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zKHXH7sMpwNa" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zrEb7XlD2Ff8" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F45_zGbHcIir5cK4">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_ze2uhOMzz0e3" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F40_zZVEJiHRe276">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F03_zZrG3YqlZUu1">1</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zLlYN3NGoVC5">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F03_zDTsLlqoevS">2</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1C_zCOfSZ1fEUh6"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member_zoMyMEAbAOs8">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><sup id="xdx_F0B_zu7tMvfvBFSj">3</sup></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F13_zU3Gxk4RPrc7">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_z798Vg1UIgQj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_906_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member_zOQjBTSYxouk">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zz97d6hQxoud"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zJlDp2EeeLAk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_zZZ8RtMSa1H9" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zE7sUaSTDeAc" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_412_20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member__oef--ClassAxis__custom--C000274857Member_zwFOO0Ji5sw3" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zTXDrt0oKrxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zMHTmvwIbEVi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^®(“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the materials industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First Majestic Silver is a mining company focused on the acquisition, exploration, development, and production of mineral properties, with a primary focus on silver and gold. The company owns and operates producing mines and processing facilities, primarily in Mexico, and generates revenue through the sale of silver, gold, and other byproducts. The common stock of First Majestic Silver Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-34984 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A84_eoef--RiskTextBlock_zC3rEttshoAg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90A_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zzwYtx2Xr2nd">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zv9LN8aClwc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 61.56%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 67.04% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 4.39%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zQcdma3oZf27" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FirstMajesticSilverCorporationInvestingRiskMember_z5Jeq2rW9hHl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>First Majestic Silver Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the materials industry, First Majestic Silver Corp. is subject to risks that include, but are not limited to: its business depends on the production and sale of silver, gold, and other metals, and fluctuations in commodity prices could materially affect revenue, margins, and cash flow available to service debt; its operations are concentrated in a limited number of mining properties, primarily in Mexico, exposing it to risks associated with geographic concentration, including regulatory changes, political instability, taxation changes, labor disputes, and security concerns; mining operations are subject to operational risks, including equipment failures, geological uncertainties, lower-than-expected ore grades, accidents, environmental hazards, and interruptions in production, which could increase costs or reduce output; the company must make substantial ongoing capital investments in exploration, development, and sustaining capital expenditures, and there is no assurance that such investments will result in increased reserves or production; it is subject to extensive environmental, health, and safety laws and regulations, and compliance with such regulations may increase costs, result in liabilities, or limit operational flexibility; its operations depend on access to key inputs, including skilled labor, energy, water, and supplies, exposing it to risks associated with cost inflation, supply shortages, and infrastructure constraints; the company is exposed to foreign exchange volatility and geopolitical risks due to its international operations, which could increase costs or affect profitability; and it faces risks related to reserve estimation and exploration activities, and actual mineral reserves and production may differ materially from estimates. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z5HQffh65Ruf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z1E8DxJSp0Rf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zXAbC4IV3Sn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zTLHbnfiSOy4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zGMYHR7MevFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zYDe57Z0Vau2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the materials industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Materials Industry Risk.</i> The Fund is exposed to risks associated with investments in the materials industry, which may be significantly affected by the level and volatility of commodity prices, currency exchange rates (including the value of the U.S. dollar), import and export controls, and global competition. Companies in this industry are sensitive to economic cycles, and periods of excess production capacity or reduced demand may result in pricing pressure, reduced profitability, and losses. The industry may also be adversely affected by fluctuations in interest rates, availability and cost of raw materials, technological developments, labor relations, and changing environmental and other regulatory requirements. In addition, political and economic conditions, both domestically and globally, as well as geopolitical events, may impact supply, demand, and overall industry performance. Any of these factors could materially and adversely affect the value of the Fund’s investments. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z3LSrezMBcYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zrQmV4bc7Eaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z3uDKqbg20F" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zXDjt26bw2Ma" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z9PM9Hylckg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zDCytMY7W8Nk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zolOKYBwCqKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zQvLbA6E8ux8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zOTuqcxLm9t7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z6wmwuynFCNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z21qIjcjkK13" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z9MvuafjeN72" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zXhqLNfqmU4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zbr6xoT5tc5a">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zyShaW7BFmAe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zG218Fx5k3dd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zRZDPJhGzD63" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_z033XXnzDk39" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_901_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member_zoMeaRa102uk">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member_zOuDRtTL0Fla">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104256Member_zTeaa842G0l1">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long TMC Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long TMC Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of The Metals Company Inc. (Nasdaq: TMC) (“TMC” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zYILSk0MHtCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of TMC. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zEiOoyG52LCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zN4kWEBylv8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zbLnY64lt3dl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member__oef--ClassAxis__custom--C000274865Member_zqEeqPeXoQgk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z0vxKhFdkzni" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F45_zQyCj1aMX3b5">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPpLWQQ4fuO5" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zrYSipZnLuC6" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F47_zUfTrwIAVMkc">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zMH9MZis3Jyj" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4C_zkki3ddnWC03">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F01_ziDRMFTqbJ8i">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F19_zbKNt5qIcGii">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0B_zekXX3oCax0k">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1D_z2oOSLKHFSFc"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member_zo3k2zR3QC11">Estimated for the current fiscal year.</span></span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F03_zYPFD59Vqgcc">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F12_z2coyShbiEm">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_z2HYyV8deKz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member_zVHPbELfzKU">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_znN7ah61JQg6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zCcVW3JdGPs7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zpSH2nm9NPRj" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zUkHINEOpNZk" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41B_20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member__oef--ClassAxis__custom--C000274865Member_zarwubr1gbK8" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zIPhFghjwNl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zEZnQu3Oxf21" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^®(“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the materials industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Metals Company Inc. is an exploration and development company focused on the collection and processing of polymetallic nodules from the deep ocean seabed. These nodules contain critical battery metals, including nickel, cobalt, copper, and manganese, which are used in electric vehicles, energy storage, and other clean energy technologies. The common stock of The Metals Company Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-39281 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A84_eoef--RiskTextBlock_zhV5OlVa8foa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks of Investing in the Fund</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_901_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zKkwD5UJbOHg">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zV6NfmP4E66j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 107.21%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 127.46% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -10.53%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zBqsjGmPS9y6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TheMetalsCompanyIncInvestingRiskMember_z7g7AQPdz4E3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>The Metals Company Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the materials industry, The Metals Company Inc. is subject to risks that include, but are not limited to: its business is in the exploration and development stage and has not yet achieved commercial production, and there is no assurance that its projects will become commercially viable or generate sufficient revenue or cash flow; it depends on obtaining regulatory approvals, licenses, and permits from international and governmental authorities, and delays, denials, or changes in regulatory frameworks could materially impair its ability to develop its projects; its business depends on the successful development and deployment of new technologies for deep-sea mineral collection and processing, and failure to develop or operate such technologies at commercial scale could adversely affect its operations and financial condition; its operations are subject to significant capital requirements, and it may require substantial additional financing to fund development activities, and there is no assurance that such financing will be available on acceptable terms or at all; it is exposed to risks associated with fluctuations in commodity prices for nickel, cobalt, copper, and manganese, which could affect the economic viability of its projects; its operations are subject to environmental risks, including potential environmental impacts, regulatory restrictions, and public opposition related to deep-sea mining activities, which could result in increased costs, delays, or limitations on operations; the company relies on strategic partners, contractors, and third-party service providers, exposing it to risks associated with execution, performance, and counterparty financial condition; as a development-stage company with limited operating history and no current commercial production, it faces significant operational, financial, and execution risks. These and other factors could materially adversely affect its business, financial condition, results of operations, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zepbboc7UKqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z3mZ9wmAIyY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z2ngmwiN2Cal" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zqH9zljuSLpg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zlCm3KfgUpRf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zvy621rFpxRd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the materials industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Materials Industry Risk.</i> The Fund is exposed to risks associated with investments in the materials industry, which may be significantly affected by the level and volatility of commodity prices, currency exchange rates (including the value of the U.S. dollar), import and export controls, and global competition. Companies in this industry are sensitive to economic cycles, and periods of excess production capacity or reduced demand may result in pricing pressure, reduced profitability, and losses. The industry may also be adversely affected by fluctuations in interest rates, availability and cost of raw materials, technological developments, labor relations, and changing environmental and other regulatory requirements. In addition, political and economic conditions, both domestically and globally, as well as geopolitical events, may impact supply, demand, and overall industry performance. Any of these factors could materially and adversely affect the value of the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_ztcYL56loPTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zRRHEt3iYOxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zPIgGYbp1EQ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zVRDxsjcpG6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z072bxz27IUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zHbQ8Mb5xqei" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z5SDApL7eR8f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zC9fGBhZGli3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zF6qQslzAsM2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zSp9gICahjW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zAqRtto1M1Pe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zcgAI0FL4XGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z23k6SnAO098" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90F_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z0pfjUktLLol">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zq3mvnUpKAad" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z61r3yFw4Vyi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zhjokuQZhPCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zP28SpP5Il74" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member_z2ikmGg2FSp5">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member_z9NCRpKNfab8">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104264Member_zerDSjLdXh3">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long NXPI Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long NXPI Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of NXP Semiconductors N.V. (Nasdaq: NXPI) (“NXPI” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zUpZWWIUfgt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of NXPI. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_z1I3RJ4Ca6lg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zmxDp0Mwy76i"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zrPkgAc78bL" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_493_20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member__oef--ClassAxis__custom--C000274859Member_zYrwwLVuVWJi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zj9vd4lBUYvc" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4A_zi5Bj3gabm6a">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zRSwXLI2EGrc" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zZwhHl84Pvk9" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F46_zOUFdFyA6ewa">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_ztIyZXDcPSZi" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4D_zHVn5MY4Q2W7">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F02_zEa3aG0PALPa">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F17_zkvc9GkP4cI1">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F03_zlcuUjZSNaYe">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F11_zlkUW7GyHt76"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member_zkxbZrEUXE8j">Estimated for the current fiscal year.</span></span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0B_zGwUpG9h1VL4">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F16_zFDuZa4bcCw5">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zgBWrxxoAwB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_902_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member_z31Tc5n3bBv4">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zckU8P0qu5Cl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_ztcOA3Z4uTFd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zhhS8Agm9q5l" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zKCoojxSCrie" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41B_20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member__oef--ClassAxis__custom--C000274859Member_zDpUCxebUkw9" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zL5MUfNYaEYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_z8U6epxiF2Eh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^®(“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductors equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NXP Semiconductors N.V. is a broad portfolio of semiconductor products—such as microcontrollers, processors, connectivity chipsets, analog and interface devices, RF power, security controllers, and sensors—used primarily in automotive and industrial applications. The common stock of NXP Semiconductors N.V. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-34841 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A88_eoef--RiskTextBlock_zpFUGQatyGi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_906_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zt5zFklYhxQ7">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zO0DISN4ZPpg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 39.92%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 46.30% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 6.42%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z2ePiIdM1Tt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NxpSemiconductorsNYInvestingRiskMember_zmYnVtg6ymB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NXP Semiconductors N.V. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductor industry, NXP Semiconductors N.V. is subject to risks that include, but are not limited to: its business operates in a highly cyclical and competitive semiconductors and semiconductor equipment industry characterized by fluctuations in supply and demand, rapid technological change, and pricing pressures, which can materially affect revenue, margins, and cash flow available to service debt; the company has significant exposure to automotive and industrial end markets, and downturns in these markets, changes in customer purchasing patterns, or inventory corrections could materially impair its financial performance; its manufacturing and supply chain model depends on a combination of internal and joint venture manufacturing and third-party foundries and assembly/test subcontractors, exposing it to risks associated with capacity constraints, supplier concentration, component shortages, quality issues, and manufacturing disruptions; the company competes for long design cycles and “design-in” wins, particularly in automotive, and failure to win or retain key program positions could adversely affect revenue over extended periods; it must make substantial ongoing investments in research and development and manufacturing capacity and technology, and there is no assurance that such investments will remain competitive or generate sufficient returns, particularly during industry downturns; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or performance issues that could increase costs, disrupt operations, or damage customer relationships; and its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains, increase costs, or limit market access. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zqrGFHDGhoNa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z3aKtGX3xFN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zuIbr3eCwd9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zyh4myodL2R5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z0Zc19fIEuJ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zeNrrkBA0Sei" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Semiconductors and Semiconductor Equipment Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zFmbr2PtcFNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zR1rc1Ox5dqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z2hqqSWmL75c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zkPYzkBUddrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zH20mgL4loei" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zwyS72BJESug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zqJnGK1XIxkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zhvUz6KRiYnk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zqMzlljauiT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zNgR7I6NinC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zctjpUVfs0Lc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zBtUwXriLAE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zxYhmEXPqwcl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_905_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zHicoulq01K8">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zVskNBm63Z3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z1F05gCFF7L5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z2sOj0XwRa1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zqAQ1pxKgEP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member_zkrGwrNYCgRd">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member_zqbguXqnkSYk">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104258Member_zDVTGXoCu1G9">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long CDNS Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long CDNS Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Cadence Design Systems, Inc. (Nasdaq: CDNS) (“CDNS” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zbVJje8Y5qt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of CDNS. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zcD5zOmx3eT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zawtbdeVKKP6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zbkLRfOMrZwe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member__oef--ClassAxis__custom--C000274874Member_z1JGIUPeJJT9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_ze8Afo9k3zr8" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4F_zhyulJHoxK5c">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zv2xnnxosDd4" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zQkA8CajFwN8" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F46_zG0j3Ek0BJ3b">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zpa0O8qh5Y32" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4F_z4IWKJOq1Dbc">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F09_zCu19gy5Steg">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1D_zp9N9qi2EAFk">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0D_zlTcSCTeFMe1">2</sup></td> <td id="xdx_F10_zwp9cB9xijn8" style="vertical-align: top; text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member_zIVgimzdsV42">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F01_zfSVO7YiB6C9">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1B_znD8hAyCUuq4">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zsrd81KnsLs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90C_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member_z90mtC09pZQ7">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5A5W3wpPKJ5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zg2r1sUbbZv1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_zpYyIfJRRxMk" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zxQlvI1VFe5g" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_412_20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member__oef--ClassAxis__custom--C000274874Member_zAAiQ5OLDWKl" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zI9VEp68zWC3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_z06E6CmAUCdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^®(“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cadence Design Systems, Inc. provides electronic design automation (EDA) software, hardware systems, and semiconductor intellectual property used by customers to design, simulate, verify, and manufacture integrated circuits and electronic systems. The common stock of Cadence Design Systems, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-15867 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A86_eoef--RiskTextBlock_z6eW7GLLMFYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_901_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zNGz7hCKJQ4e">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zGCRo2C5FB8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 35.26%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 40.80% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 18.03%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zKGkna5Cu2a1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CadenceDesignSystemsIncInvestingRiskMember_zuokgt8AVs67" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Cadence Design Systems, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductor design software industry, Cadence Design Systems, Inc. is subject to risks that include, but are not limited to: its business depends on demand from semiconductor manufacturers, electronics companies, and other technology customers, and reductions or delays in customer research and development spending or capital investment could materially affect revenue, margins, and cash flow available to service debt; the company operates in a highly competitive and technologically evolving industry and must continuously develop and enhance its software, hardware, and intellectual property offerings to remain competitive, and failure to do so could result in loss of customers or market share; its business depends on long customer design cycles and licensing arrangements, and delays, cancellations, or failure to secure key design wins could adversely affect revenue over extended periods; the company relies on a limited number of large customers and industry participants, and reductions in purchases or financial distress among key customers could materially impair its financial performance; it must make substantial ongoing investments in research and development and technology innovation, and there is no assurance that such investments will generate sufficient returns or maintain its competitive position; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and software performance or quality issues that could increase costs, result in liability, or damage customer relationships; and its global operations subject it to foreign exchange volatility, export controls, trade restrictions, and geopolitical risks, including restrictions on the sale of semiconductor design software to certain countries or entities, which could limit market access or reduce revenue. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zDTU9FSGrrWf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z4cCoyncm4ta" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zBLF45V6Jfl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zmUjLju6LQs8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zxdvNwAQ3su9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zqBLoGRy9tkj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Software and Services Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Many computer software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by computer software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zsST9VEIYkma" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zdKkwEPchxS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zXkMQfS0MrD" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zBBCh7Wlr2ql" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zIrAcy7U7iR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_ziiO5ZRSr4Ni" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zACLZuPPTyYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zmfryIFnEjl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zpeyRzuZoXqe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zH05kaxpvw5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zVrkJ99GkYDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zEBuxKSivL01" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zL3araUqLE4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90E_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zSZOKlYuEIsd">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z2V3VYjhNXGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQ6RiYkRrXzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z6wEGms1mE88" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zCz5wvNKZPFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member_zCqNtNMEXbr5">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member_zmwMCm9JclZd">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104273Member_zDVLIiNjZg6i">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long ON Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long ON Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of ON Semiconductor Corporation (Nasdaq: ON) (“ON” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zR2QE11ITHzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of ON. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_z0UqWQYm3Tr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zpoSOFfJtypj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zz8g8gGyAqra" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_493_20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member__oef--ClassAxis__custom--C000274860Member_z8nE79birKah" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zwuBIGF3nLv3" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4D_z1823kWOlIe3">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzyb8mWjA3pg" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zauC1Axmzk7b" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F40_zIuPeKyYWg7g">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zgLV0wpCIDt1" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F48_zGQsStx7oJ87">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F00_zcPrVl4i0Dk3">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F10_zgsyJnoBwHm5">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0F_zTZdlVPOPhy9">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1D_znsnYdLOkrvi"><span id="xdx_90D_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member_znvZdRPVU4kj">Estimated for the current fiscal year.</span></span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0E_ztNQEMB15nv5">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F10_z9cMLJ1bHoYd">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zymZAcNVzpCa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member_zH6Ak9gAmika">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQXs0wYAJuLb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zQGM6RreAlk1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zImmtVUHoLQd" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zQ2To5G3Uxo8" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_416_20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member__oef--ClassAxis__custom--C000274860Member_zzbJTr9Mc1d" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zYImy8Thh6N8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zDdABZhVBiV" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ON Semiconductor Corporation provides semiconductor solutions that enable customers to efficiently convert, control, and sense electrical power in electronic systems. Its products include power management devices, analog components, sensors, and connectivity solutions used primarily in automotive, industrial, and cloud power applications. The common stock of ON Semiconductor Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-39317 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A84_eoef--RiskTextBlock_z8bGipbbIl5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_902_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member__oef--RiskAxis__oef--RiskLoseMoneyMember_ztlTpp7ADEQk">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zgsx7F64hEUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 52.15%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 61.37% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 10.59%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zL7zLvM1OjH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OnSemiconductorCorporationInvestingRiskMember_z0hJwGYPaRGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>ON Semiconductor Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductor industry, ON Semiconductor Corporation is subject to risks that include, but are not limited to: its business operates in a highly cyclical and competitive semiconductor industry characterized by fluctuations in supply and demand, rapid technological change, and pricing pressures, which can materially affect revenue, margins, and cash flow available to service debt; the company has significant exposure to automotive and industrial end markets, and downturns in these markets, changes in customer demand, or inventory corrections could materially impair its financial performance; its operations depend on a combination of internal manufacturing facilities and external foundries and suppliers, exposing it to risks associated with capacity constraints, supplier concentration, manufacturing disruptions, equipment failures, and supply chain interruptions; the company must make substantial ongoing capital investments in research and development and manufacturing capacity, and there is no assurance that such investments will remain competitive or generate sufficient returns, particularly during industry downturns; it faces technological transition risks, including the need to develop and commercialize advanced semiconductor technologies, including power and sensing solutions, to meet evolving customer requirements; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or performance issues that could increase costs, disrupt operations, or damage customer relationships; its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains, increase costs, or limit market access; the company may face risks associated with acquisitions, divestitures, and restructuring activities, which could increase operational complexity or prevent it from realizing expected benefits. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zJvtwoVQPRjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z6ESjLyAyFb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zJhM7p8NFGh6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_znyF2mYhRFG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z3bUKVKHI6J2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zzxbbrJgcpS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Semiconductors and Semiconductor Equipment Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zRbV0H4Mwev1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zcNoYhAwawc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zH9RXHQv2aL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zntCXEwm1lG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zdsbGDXfFW8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z7Q7IwZXoAUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zOOMkQwtABtc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zKTc9sq0zJpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zZMTAlV4Wmfk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zEHC3a2njiYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zJPWQj9PDhR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zUKnGpbr0PZj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zpaAPOuS62L7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_904_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zIiwTafexMF8">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zgr4qcRca1ie" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zNe6DJHndwc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zr5WvDbQIEch" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zbNYBnuqi4l1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member_zreLK8Be3e29">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member_zxluL1Qgq8sk">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104259Member_z1s0StbKvqP">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long P Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long P Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Everpure, Inc. (formerly, Pure Storage, Inc. (NYSE: P) (“P” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zErMkzJ8ByJc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of P. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zKA7GFmAulmf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zWBDl9WhJPka"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_znIzkcKbB4kk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49F_20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member__oef--ClassAxis__custom--C000274861Member_zcCeQARsKxNf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zdj3oVLg29ib" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4C_zDpRvSwPYbQl">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPDofgFOK6q3" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zyKIPBNUhfy7" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F49_z65SstUClVvb">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zc0GgXcgvxUk" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F40_zMx7PkP4Rty6">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F03_zRyGrxLQ9pHi">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F11_zCQ5JkinnVl">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F08_zei9T2MEpVV6">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F15_zpzsIz8jN58f"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member_zFPKkto1pLMa">Estimated for the current fiscal year.</span></span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F03_zPuWYmaAqbi3">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1A_zJqhQdYgpAUf">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zGca3ZWNWZUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member_zTz3qvm5bTj">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8SBF2jpcmHb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zGs7wYse3qM7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zu6texK2ZV56" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_zy0iBol4exef" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_412_20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member__oef--ClassAxis__custom--C000274861Member_zBNIWZcUUN86" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zt7eqLoL56Jk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zlnyscqRTKc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Everpure, Inc. provides data storage solutions that enable organizations to store, manage, and access digital information using flash-based hardware, software, and subscription services. The common stock of Everpure, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-37570 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A87_eoef--RiskTextBlock_zYITsZphmIF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90E_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zvIavPxxHWW7">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zoQpvkYzGfub" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 51.07%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 65.71% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 24.27%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zFN9Drx3ZVHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EverpureIncInvestingRiskMember_zo1vU1e08Zxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Everpure, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Everpure, Inc. is subject to risks that include, but are not limited to: its business operates in a highly competitive and rapidly evolving technology industry, and declines in demand for enterprise storage solutions, increased competition from incumbent, emerging, or cloud-based providers, or pricing pressures could materially affect revenue, margins, and cash flow available to service debt; its sales cycles can be long, unpredictable, and dependent on enterprise and hyperscale customer spending, and delays, reductions, or cancellations in customer purchases could materially impair its financial performance; its business depends on contract manufacturers, suppliers, and global supply chains, exposing it to risks associated with component shortages, supplier concentration, manufacturing disruptions, and cost volatility; the company is investing significant resources to develop storage solutions for hyperscale and subscription-based offerings, and there is no assurance that such investments will generate expected revenue, margins, or cash flow; its transition toward subscription and cloud-based services introduces risks related to revenue timing, customer adoption, and business model execution; it must make substantial ongoing investments in research and development, technology innovation, and product development, and failure to successfully develop or commercialize new products or services could adversely affect its competitive position; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and potential security breaches, which could increase costs, result in liability, or damage customer relationships; its global operations subject it to foreign exchange volatility, geopolitical risks, and regulatory requirements that could increase costs or limit market access; collectively, these risks could result in earnings and cash flow volatility, which may impair the company’s ability to service its indebtedness, comply with financial covenants, or refinance its obligations, thereby increasing credit risk and the risk of loss to the Fund. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_znRQ0gij8ox" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zZICWhlYbfy1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zZBC0EkhF8Zi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zGbK3ebUZNZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zfBtJSaMrOil" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zCfpSPSjeuk6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk. </i>The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zd63oFwbD7Lb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zHT9xif94tX9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zA56T2x54CT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z961sdw6Vyob" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zXQYkAN6Z82c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zo81k5SM5CD4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zlzl1k4iYD6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zN4SPw1z9Wbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zIFYIpfGKmTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zl1Ew9vgXLwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zLcVGKl2cWQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z7z98uKi6zX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z1sH0yu0tmD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90E_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zrZ1qcf5mYIb">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_ziIoGanlreV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zH076qhwX4S8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z1KtozlW2vq9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zEs4GZLrqq43" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member_zVXlvhq6BIjb">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member_zXUUncIHpQad">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104260Member_zjzUiRnbHCg8">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long NTAP Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long NTAP Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of NetApp, Inc. (Nasdaq: NTAP) (“NTAP” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_z9qds9x8X3w5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of NTAP. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zl3iMNJVUKug" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zdFhdgxI4Nle"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_z9dvTvpYU0R9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_499_20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member__oef--ClassAxis__custom--C000274858Member_zPsNkZpWNrsg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_znahbkIe5qlk" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4D_zidmMNFuXtj3">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTLwKU2FP8T6" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zWo5CDBEFt3f" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F43_z47j2e2vYAzi">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zt1R44bltXRh" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F40_zcKIEGZX7euj">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F09_zI7DOqoe9kxg">1</sup></td> <td id="xdx_F1E_zjYtCl2UicAa" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F06_z5eb08xryCv2">2</sup></td> <td id="xdx_F13_z9fhpyrm49Og" style="vertical-align: top; text-align: justify"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member_zftBylCdzO11">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F06_zOF2geFmZooi">3</sup></td> <td id="xdx_F11_zoqWRKEea8V6" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zW0PNglGblV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_903_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member_zhcRMLo5Lb3k">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zziR0DSmHKD4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zTGorW3IWBc7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zsGjMZobmP7d" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zw348gtsrMyj" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_412_20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member__oef--ClassAxis__custom--C000274858Member_zXc1NbJyQIml" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zHoMz5uYuK78" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zX5BhPYVBCqk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">NetApp, Inc. provides enterprise data storage, data management, and cloud services that enable organizations to store, protect, and manage data across on-premises and cloud environments. Its offerings include all-flash and hybrid storage systems, cloud storage solutions, and software platforms designed to support enterprise applications, artificial intelligence, and cloud workloads. The common stock of NetApp, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-27130 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A89_eoef--RiskTextBlock_zFKdzIDUmv0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_908_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z0A4egpVFVva">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zvqZxMrmWIei" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 31.86%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 36.05% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 10.08%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zSBZRe1a2yVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NetappIncInvestingRiskMember_zWONsFpUOFta" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>NetApp, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, NetApp, Inc. is subject to risks that include, but are not limited to: its business operates in a highly competitive and rapidly evolving technology industry, and declines in demand for enterprise storage and cloud data management solutions, increased competition from cloud providers and other storage vendors, or pricing pressures could materially affect revenue, margins, and cash flow available to service debt; its financial performance depends on enterprise and cloud customer spending, and delays, reductions, or cancellations of customer purchases or cloud service consumption could materially impair its financial performance; its business depends on global supply chains, contract manufacturers, and component suppliers, exposing it to risks associated with supplier concentration, component shortages, manufacturing disruptions, and cost volatility; the company is transitioning its business toward cloud-based and subscription offerings, and failure to successfully execute this transition or achieve expected customer adoption could adversely affect its financial results; it must make substantial ongoing investments in research and development, cloud infrastructure, and technology innovation, and there is no assurance that such investments will generate sufficient returns or maintain its competitive position; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and potential data security breaches that could increase costs, result in liability, or damage customer relationships; and its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could increase costs or limit market access; the company may face risks associated with acquisitions, restructuring activities, and integration efforts, which could increase operational complexity or prevent it from realizing expected benefits. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zOHxFTxaCK1j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zJ5POIZ89rD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zIZoYeVbZzoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zQlgRm55Irt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z0Le7O5IUEE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zZn3zsmGz2N3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk. </i>The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zQ6ufLMrxP71" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zb4r1UDsmt99" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zmqVlYuBq2nc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zum2PqKJTObe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z2OFvXqrw5tk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zaMOueS6Xbn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zhEpCLLvUQk6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zygh7um0xUi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zdnvqR7uPN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zD6dsswe4u2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zT2Q6kioL71c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zJY6Q4mqj1p4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zqOxlEULcvVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_901_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zF3peVX96dE">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zEd2hHjKMA4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zwIpcTpDkSY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zqrkxJRQnVs" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_z3vuxucADg7g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member_zrwPWwbFgPz1">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member_zJd63Hjhx2Ob">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104257Member_zvoarCIOZZa2">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long AAOI Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long AAOI Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Applied Optoelectronics, Inc. (Nasdaq: AAOI) (“AAOI” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zpP0uWiD7rdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of AAOI. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zjzP1vLNdVn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zDwl05DBlOUj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_z4JxxKBog5l9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member__oef--ClassAxis__custom--C000274846Member_zWAczbNWKGfh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zMWyvgur4JE" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F42_zSiQIazyXPUb">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zqPTPtPd6om4" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zWUOgYUb1FV" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F49_z3P8V9iDcITf">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zGXTAFsATbQ1" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F49_zdQ9cEwc9vxk">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F07_z6Qd2Tm6JQ7g">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1F_zShYbc8W2CRi">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: left"><sup id="xdx_F06_zY5mhCrWq179">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F19_zltJPB0cMCxe"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member_zxFpRF9Wvztl">Estimated for the current fiscal year.</span></span></td> </tr> <tr> <td style="vertical-align: top; text-align: left"><sup id="xdx_F0F_zTvHDT8qrgoe">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1C_zRHa6Nnm9ZV1">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zajvWgEQuusk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_905_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member_zSUyHuLZ9oSh">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpKrz8BVXndg"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_dU_zhKJTIUt8HKe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_489_eoef--ExpenseExampleYear01_zUcAnEWjVWT7" style="vertical-align: bottom; width: 50%; text-align: center"><b><span style="text-decoration: underline">1 Year</span></b></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zndrvfsRwUwl" style="vertical-align: bottom; width: 50%; text-align: center"><b><span style="text-decoration: underline">3 Years</span></b></td> </tr> <tr id="xdx_416_20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member__oef--ClassAxis__custom--C000274846Member_zS6Gzdj8avO1"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$77</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$242</td> </tr> </table> 77 242 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zlXFsi93IaLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zVvAc19iQLwi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Applied Optoelectronics, Inc. designs, manufactures, and sells fiber-optic networking products used in data center, telecommunications, and cable television networks. Its products include optical transceivers, lasers, and related components that enable high-speed data transmission over fiber optic networks. The common stock of Applied Optoelectronics, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-36083 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A8B_eoef--RiskTextBlock_zB24iGQVLCuk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90E_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zt4dIeiZAvqh">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zHNtvtSoGrx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 109.54%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 136.07% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 32.58%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zU0z14p2O0M8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AppliedOptoelectronicsIncInvestingRiskMember_z8kvFWvx1uO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Applied Optoelectronics, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Applied Optoelectronics, Inc. is subject to risks that include, but are not limited to: its business depends heavily on demand from a limited number of large customers, including cloud service providers and telecommunications customers, and reductions, delays, or cancellations in customer orders could materially affect its results of operations and cash flows; a significant portion of its revenue is derived from a small number of customers, and the loss of or reduction in business from such customers could materially adversely affect its financial performance; its results may be affected by limited visibility into customer demand, order variability, and the risk of inventory imbalances; the company operates in a highly competitive and rapidly evolving technology industry characterized by pricing pressures, technological change, and customer concentration; its vertically integrated manufacturing operations and global supply chains expose it to risks associated with manufacturing disruptions, supplier concentration, component shortages, equipment failures, and capacity utilization fluctuations; the company must successfully develop and commercialize next-generation optical networking products to meet evolving customer requirements; it must make substantial ongoing investments in research and development and manufacturing capacity, and there is no assurance that such investments will generate sufficient returns; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or reliability issues; and its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains or limit market access. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zdZgrChcuwti" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_znK22dFmYk31" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zAmRdBifNpJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zPp836SAkJwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_znOeJnqkqbb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zp5tSRSJIQmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk. </i>The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zOxIj9MytRx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z6I0fS54Rrha" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zBFQ2MLI8tV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z6I0nDZJwTUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ztKQ0oPUpsc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z9i2ffVWGi8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zLrwhk3hKnli" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zOOObdeH0QO5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_ziyxxhCWn0Y1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zhRfWKO2Kbp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zDd1cA3Tf2p7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zxusOFCkHok8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zcrIcwKrgui4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_900_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zyhugmC07Rn7">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zxlfaNEmIvJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z45Xdz8RZ88j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z2h3L12EVrOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zTzg7H5oy1M6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member_zyCid9IJnfya">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member_zgE4ECkihF8a">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104245Member_zugYw8Pf7AIi">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long AI Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long AI Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of C3.ai, Inc. (NYSE: AI) (“AI” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zeySBBNQ3Hl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of AI. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zB1CcuOQgDPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zC5yuvvIoDl4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zrSWgC1ogAM" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member__oef--ClassAxis__custom--C000274868Member_zLPGYIYsaNj7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zqKkX81hWgtg" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F46_zmuNLF4lOpg9">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z02kRowGFuvk" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zU0WKZNQvJwk" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F4B_zXCc9qTOg7P5">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zY3UDVYHcQz3" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F42_znVBEFUZcbtf">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F08_zdyaibScqN47">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1F_zTyfISBAgJd1">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F06_zbm4L26fwP17">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1E_zhZuP5ruEAzl"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member_zUkklPN1uwDj">Estimated for the current fiscal year</span>.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F00_z6DJsB34LNba">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F11_zTLRSOYBJy16">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zr8PYJpoOqNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member_zgYoxV4v7pp4">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXS0Se1WVzb1"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_dU_zDcvRAq2Dsw4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48B_eoef--ExpenseExampleYear01_zALWRt0RbD46" style="vertical-align: bottom; width: 50%; text-align: center"><b><span style="text-decoration: underline">1 Year</span></b></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zgsO3U8JtZHa" style="vertical-align: bottom; width: 50%; text-align: center"><b><span style="text-decoration: underline">3 Years</span></b></td> </tr> <tr id="xdx_41E_20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member__oef--ClassAxis__custom--C000274868Member_zBUMAAnAgIGj"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$77</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$242</td> </tr> </table> 77 242 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zaxlqJf8tlt7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zBEn9WMo4qJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">C3.ai, Inc. provides enterprise artificial intelligence (“AI”) software that enables organizations to develop, deploy, and operate AI applications at scale. The common stock of AI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-39744 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A8D_eoef--RiskTextBlock_zOTt8W74iml4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_902_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zWXm4Guu7x0a">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zQUiJzj8wlv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 79.86%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 107.60% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -37.27%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zRTeDChC8dqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--C3aiInlInvestingRiskMember_zHp4nEvEti7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>C3.ai, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the software and services industry, C3.ai, Inc. faces risks that include, but are not limited to: its business depends on customer adoption of AI software, and reductions, delays, or uncertainty in customer spending on AI and digital transformation initiatives could materially affect revenue, margins, and cash flow available to service debt; it operates in a highly competitive and rapidly evolving technology industry and faces competition from large technology companies and emerging providers, which could adversely affect its ability to attract and retain customers; its financial performance depends on subscription-based revenue and long sales cycles, and delays, cancellations, or failure to renew customer contracts could materially impair its financial performance; it must make substantial ongoing investments in research and development, product innovation, and sales and marketing, and there is no assurance that such investments will generate sufficient returns or support sustained growth; it relies on third-party cloud infrastructure providers to deliver its software, exposing it to risks associated with service disruptions, performance issues, and vendor concentration; it is exposed to intellectual property disputes, cybersecurity threats, data privacy risks, and operational disruptions that could increase costs, result in liability, or damage customer relationships; its global operations subject it to foreign exchange volatility, export controls, data protection regulations, and geopolitical risks that could increase costs or limit market access; and as a relatively young company operating in an emerging industry, it faces risks related to evolving market acceptance, business model execution, and achieving sustained profitability. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zfAodzHbpCi4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AiRiskMember_zKxmUJcXnES8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>AI Risk.</b> Companies that rely on, develop, or integrate artificial intelligence technologies face risks related to the complexity, cost, and uncertainty of AI development and deployment. AI systems may produce inaccurate, biased, unreliable, or unintended results, and may fail to perform as expected in real-world applications. The use of AI may expose companies to heightened regulatory scrutiny, evolving legal and compliance requirements, and increased liability related to data privacy, cybersecurity, intellectual property, and ethical considerations. Significant investments in AI infrastructure, talent, and research may not generate anticipated returns, and rapid technological change may render existing AI solutions obsolete or less competitive. In addition, increased competition from companies that deploy AI more effectively or at lower cost could adversely affect market position, operating results, or financial condition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_znqhhI86wJc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zboQhW6gz522" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zP90AHDILMA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zSO5tywjVvWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zgRaFWK8xcbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Software and Services Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Many computer software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by computer software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zrSc8Tp99ipa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zYybRywZR2of" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z1gXIToUdBd5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z9OuVNJnPDO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zp4nJWyhSBX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zHvC26agGqKl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z9Po3CsEDMGb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zd7hXvnhMOx7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zZo6BrZKbqCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z6sF0ij99Juj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zkjbirfWyWfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zxaLcBta1g2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zIj1b3nOaQWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90B_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zrgQh0c0265g">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zIcb0W3Wty4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zsRjQJ20hfte" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zapbaVaZycMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_z9WY7D3vVyTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member_zcclYRNNnZY4">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member_z1cUt6JcGUja">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104267Member_zjbUJbk6Cmpl">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long KTOS Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long KTOS Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) (“KTOS” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_z9q4529vnrHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of KTOS. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zCEN1EVf1zDb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zSfJqz6mactc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zq6W3qdWnR17" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_491_20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member__oef--ClassAxis__custom--C000274855Member_zf0XTJEOdq1c" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zPVNKlj4Kk1j" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F44_zRyB2d1zbBS4">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zCh2S67cChEa" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zIbWDaYghPo4" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F48_zwwdfLlUHD3a">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z316jmcnYtO3" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F41_zzbgqyjoOLDa">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F07_z8Lu0aWsnqz9">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F10_z2ue8ke275Ce">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: left"><sup id="xdx_F04_zbwgGOdwkzp2">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F11_zniV30y0irT"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member_z0Bod6hJHurd">Estimated for the current fiscal year.</span></span></td> </tr> <tr> <td style="vertical-align: top; text-align: left"><sup id="xdx_F0D_zZcYG2pqqSCh">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F18_zE9GHLpM0e65">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zqfXFtDknLx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member_zlLYso8rqald">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaAjwewfpPse"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zkxzPx78Ets4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_489_eoef--ExpenseExampleYear01_zqbm5HDnfe7" style="vertical-align: bottom; width: 50%; text-align: center"><b><span style="text-decoration: underline">1 Year</span></b></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zTnz0rZxgkRk" style="vertical-align: bottom; width: 50%; text-align: center"><b><span style="text-decoration: underline">3 Years</span></b></td> </tr> <tr id="xdx_41A_20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member__oef--ClassAxis__custom--C000274855Member_zJewDdpQrBMc"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$77</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$242</td> </tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zfgBofBZauHl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zpivOnTdnP28" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kratos Defense &amp; Security Solutions, Inc. provides technology, products, systems, and software for defense, national security, and commercial customers, including certain governments. Its offerings include unmanned aerial systems, satellite communications, microwave electronics, missile and propulsion technologies, and cybersecurity solutions. The common stock of Kratos Defense &amp; Security Solutions, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-34460 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A89_eoef--RiskTextBlock_zmcPJC20W1w1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90B_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z34xhNJPWhpa">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zOSeRELyh0fb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 48.06%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 56.80% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 22.58%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zChZ5xXX5Xbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zkNNQm6tlgX6"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--KratosDefenseAndSecuritySolutionsIncInvestingRiskMember_zaTAHv6nTbr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Kratos Defense &amp; Security Solutions, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Kratos Defense &amp; Security Solutions, Inc. faces risks that include, but are not limited to: its business depends heavily on government spending, particularly by certain governments, and reductions, delays, or changes in government budgets, procurement priorities, or contract awards could materially affect revenue, margins, and cash flow available to service debt; it relies on a limited number of large government programs and contracts, and failure to win new contracts, complete existing programs successfully, or maintain favorable contract terms could materially impair its financial performance; its operations depend on complex manufacturing processes, supply chains, and specialized components, exposing it to risks associated with supplier concentration, manufacturing disruptions, component shortages, and cost volatility; the company must make substantial ongoing investments in research and development and advanced defense technologies, including unmanned systems, space, and missile technologies, and there is no assurance that such investments will result in commercially successful products or contract awards; it operates in a highly competitive defense technology industry and must successfully develop and commercialize next-generation technologies to maintain its competitive position; it is exposed to risks associated with government contracting, including regulatory compliance requirements, audits, investigations, contract modifications, and potential termination for convenience or default; it is exposed to cybersecurity threats, intellectual property risks, operational disruptions, and product performance or reliability issues that could increase costs, delay programs, or damage customer relationships; and its global operations subject it to foreign exchange volatility, export controls, geopolitical risks, and national security regulations that could restrict market access or increase compliance costs. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z4VC1Wn0Dj0a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zegTAtNUrC2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zqPmMMBOPqx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zTeqeY36bvai" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zOQJWJ8h1zgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zyi4HZ1Csvx2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Capital Goods Industry Risk. </i>The capital goods industry may be adversely affected by fluctuations in the business cycle and changes in demand for manufactured products and infrastructure. Companies in the capital goods industry are highly dependent on corporate capital expenditures and government spending, which tend to decline during periods of economic slowdown or uncertainty. Demand for capital goods is often cyclical and may be sensitive to changes in interest rates, credit availability, and business confidence, which can result in reduced order volumes, project delays, or cancellations. In addition, many capital goods are sold into global markets, and companies in this industry may be affected by international economic conditions, trade policies, tariffs, supply chain disruptions, and currency fluctuations. Companies in the capital goods industry may also be impacted by volatility in input costs, including raw materials and components, as well as by longer production cycles and backlog risk, which may affect the timing and predictability of revenues and earnings. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zm9GPxXvD6Xh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zDSSFsbhrw2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zTyBLQwaDYq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zPFaZmgMkKel" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zL1hnzyRVzd6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zNhL75WIHNp5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zjAGDx3V8Aah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zF3Ebb1n6gT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zUzBZzoTsHPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zDanNJzJU1Ej" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zLuZbTiZZcs2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zuuOg3mynv13" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_ze0yC1w5sn0a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_904_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zmsV57BBoU59">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_ztQMiLhbBqZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zZyAYqImZ8d9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z0tIA8Obmrla" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zcCIAHJZBYcb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member_z00wqM45aw4j">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member_ztjNgK6hSX4f">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104254Member_zBBg1514DN02">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long CPNG Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long CPNG Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Coupang, Inc. (NYSE: CPNG) (“CPNG” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_z5BLCYC7CS2c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of CPNG. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zxflf2J2b6ke" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zEfuch8wJsof"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zGJ2JvW06Lu8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49F_20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member__oef--ClassAxis__custom--C000274848Member_zya1do089Okk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zLB5wvOTCnXj" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4B_zPqStSZhI9Z1">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z135GCgRbF41" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z1dDt2hxThZj" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F4F_zudgtv0SLVIc">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zkWD78Gnh6Ya" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F41_zbiJrtkrRfG3">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F04_zwY1l53VMQll">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F11_zslRLkbgjvfc">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: left"><sup id="xdx_F06_zkjVt96hvXZ6">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1E_zgcawTyOrGAj"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member_zBbhVtxwWDE">Estimated for the current fiscal year.</span></span></td> </tr> <tr> <td style="vertical-align: top; text-align: left"><sup id="xdx_F0D_zKG0CHqd7qs7">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F19_z4uHtjLALxT7">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zze7gsIR7Wkf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_909_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member_zWYqnFBK9vVi">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7avVnvwom72"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zbQ5ZnC5UVhb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48F_eoef--ExpenseExampleYear01_zTYI17bsPVfl" style="vertical-align: bottom; width: 50%; text-align: center"><b><span style="text-decoration: underline">1 Year</span></b></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_z8SnnssARo2d" style="vertical-align: bottom; width: 50%; text-align: center"><b><span style="text-decoration: underline">3 Years</span></b></td> </tr> <tr id="xdx_412_20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member__oef--ClassAxis__custom--C000274848Member_zLW9sQsRx4m4"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$77</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$242</td> </tr> </table> 77 242 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zLMfLAY62R1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zmthjOHczrjb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^®(“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the consumer discretionary distribution and retail industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Coupang, Inc. operates a technology-driven e-commerce platform that provides retail, marketplace, delivery, and related services to customers, primarily in South Korea. Its offerings include owned inventory retail, third-party marketplace services, food delivery, and other consumer services supported by its integrated logistics and fulfillment network. The common stock of Coupang, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40115 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A8C_eoef--RiskTextBlock_z69bzZKpV5ee" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_903_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zFGYLNN1PfDc">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zxgMLVqMYPM5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 55.69%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 83.47% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -7.59%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zTBtnor5hRj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CoupangIncInvestingRiskMember_z8nH035WDKBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Coupang, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the consumer discretionary distribution and retail industry, Coupang, Inc. faces risks that include, but are not limited to: its business depends on continued growth in e-commerce and consumer spending, and adverse economic conditions, reduced consumer demand, or increased competition could materially affect revenue, margins, and cash flow available to service debt; the company operates in a highly competitive industry and faces competition from established e-commerce providers, retailers, and technology companies, which could adversely affect its ability to attract and retain customers and merchants; its business model depends on its logistics, fulfillment, and delivery infrastructure, exposing it to risks associated with operational disruptions, labor availability, cost inflation, and capacity constraints; it must make substantial ongoing investments in technology, fulfillment infrastructure, and market expansion, and there is no assurance that such investments will generate sufficient returns or support sustained growth; its operations are concentrated primarily in South Korea, exposing it to risks associated with geographic concentration, including economic conditions, regulatory changes, and geopolitical developments affecting that region; it is exposed to cybersecurity threats, data privacy risks, operational disruptions, and system failures that could increase costs, result in liability, or damage customer trust and relationships; and its global operations subject it to foreign exchange volatility, regulatory requirements, and geopolitical risks that could increase costs or limit market access. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zpttNK7g3mO" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zygKEHBjnE1g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zTHseuq3sWZ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z6J6fyuWLNId" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zEGQphtD6qZg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zVTYJ1fcySVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the consumer discretionary distribution and retail industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Consumer Discretionary Distribution and Retail Industry Risk. </i>Because companies in the consumer discretionary industry manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_ztgPTlUKRGi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zg2Ue0u4XxD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z0cpu8TuN8o6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zFfXPAdGvnVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z4JcPZQUCsPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zdHiOnHVN2je" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zGci8BT1Lpki" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zQDBz3QBjsN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zjLkh3wwbJHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_ztwvPA60cUx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zSR2BpRsiMig" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zCJJy5HKMyLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zuywNnApAXk8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_907_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z9MYsc35E084">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z4mSk1Y5e9ef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zPRCxPovQsAe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zyXKcsDpdNEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zlSiAMmW4vEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_906_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member_zxKZyjse0srf">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member_zyMBauDBm08g">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104247Member_zrJm8VM4A1e5">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long HL Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long HL Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Hecla Mining Company (NYSE: HL) (“HL” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zE8oU2DfTdM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of HL. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_z0OKQz0KxGwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zwMI0BRhuV41"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zvAt84OLTsh1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49C_20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member__oef--ClassAxis__custom--C000274853Member_zD4elgNqjkFg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z2HR5K0cKR72" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F43_z05I3QUlnOQ9">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z8dDFK52MzGf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zhlUNW8SbN3i" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F44_zj7RmJRF6mJ9">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zdIS0H6QmpQc" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F4D_zE0rnGwScee7">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left"><sup id="xdx_F02_zslAn9Gnkut">1</sup></td> <td id="xdx_F16_zNN4ufsBC0ui" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F07_zj6H8W9vRmV4">2</sup></td> <td id="xdx_F10_z5TX9MnvZJca" style="vertical-align: top; text-align: justify"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member_z1QHlTxl7xZc">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F01_zXFLEZvFsc4f">3</sup></td> <td id="xdx_F15_zI8QhRbyrT0h" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zVqz1cHG7yfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_902_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member_ziV0fH0XFs1j">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFFdybnwiD28"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zFcPSLSYqmha" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zsvyU0BnDcB6" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zsvuO9k75Cfk" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41F_20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member__oef--ClassAxis__custom--C000274853Member_ztUoBKZyV0Vk" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zAS9cHtru452" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zPJRk4G5GRT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the materials industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Hecla Mining Company is a precious metals mining company engaged in the exploration, development, and production of silver, gold, lead, and zinc deposits, primarily in the United States and Canada. The common stock of Hecla Mining Company is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-8491 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A87_eoef--RiskTextBlock_z1Isqkfm3435" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_900_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zipu0oDQIA4e">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zsjFTOegAmI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 60.85%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 69.65% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 24.25%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zuB8FTGpHN28" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HeclaMiningCompanyInvestingRiskMember_zM5i8J0GLIed" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Hecla Mining Company Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the materials industry, Hecla Mining Company faces risks that include, but are not limited to: its business depends on the production and sale of silver, gold, and other metals, and fluctuations in commodity prices could materially affect revenue, margins, and cash flow available to service debt; its operations are concentrated in a limited number of mining properties, exposing it to risks associated with operational disruptions, geological uncertainties, lower-than-expected ore grades, accidents, and production interruptions; mining operations are subject to significant operational risks, including equipment failures, environmental hazards, labor disputes, and infrastructure constraints, which could increase costs or reduce output; the company must make substantial ongoing capital investments in exploration, mine development, and sustaining capital expenditures, and there is no assurance that such investments will result in increased reserves or production; it is subject to extensive environmental, health, and safety laws and regulations, and compliance with such regulations may increase costs, result in liabilities, or limit operational flexibility; its operations depend on access to key inputs, including skilled labor, energy, water, and supplies, exposing it to risks associated with cost inflation, supply shortages, and operational disruptions; and its global operations subject it to foreign exchange volatility, regulatory changes, and geopolitical risks, particularly in jurisdictions where it operates mining properties. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zCg2m3fTxmah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zefyhckXsgo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zT6fnJ4n60D6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zBN5cqOsEQo" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zoGUk0l9jL8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zihko7X5tdI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the materials industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Materials Industry Risk.</i> The Fund is exposed to risks associated with investments in the materials industry, which may be significantly affected by the level and volatility of commodity prices, currency exchange rates (including the value of the U.S. dollar), import and export controls, and global competition. Companies in this industry are sensitive to economic cycles, and periods of excess production capacity or reduced demand may result in pricing pressure, reduced profitability, and losses. The industry may also be adversely affected by fluctuations in interest rates, availability and cost of raw materials, technological developments, labor relations, and changing environmental and other regulatory requirements. In addition, political and economic conditions, both domestically and globally, as well as geopolitical events, may impact supply, demand, and overall industry performance. Any of these factors could materially and adversely affect the value of the Fund’s investments. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z8ccWjQ92QQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zD9JafvKB291" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z7PBpFJthwV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z4WF72HNSg6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zWxLXGWQMsWb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zkDrJL3aHHe3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zri2aM6dNeCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zMhCql7D131g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zR6Z13n7vOO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z9Eh5xFTgUS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6cYrG372rK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z1dXGR1Rznaa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zf53cN4cs3Fg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90B_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zLQdPu43a4W7">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zxVwprNkBfwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zpBD1coZpqZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zCQ9XbqSgXN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zD3PD28e4u4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member_zDnYuNAt8zsa">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member_zxtgrj1PoaQb">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104252Member_zKJ70DleVydh">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long AMKR Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long AMKR Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Amkor Technology, Inc. (Nasdaq: AMKR) (“AMKR” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zhRoVF4gLqxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of AMKR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zZ7e2G5c3E04" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zXy91fr3KnZd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zkcPyJDu0Kf1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member__oef--ClassAxis__custom--C000274871Member_zMgafdpZ9eg8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zYLkTiWWXVFc" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F46_zivJqxRx8uDi">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zEYpa9BJ5Wb9" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zPbYo7EaiEa9" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F43_zkuG8mJnXMLi">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zyMHeC6P6A2k" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F40_zfpQG9Po2aJ2">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F04_zoChJWpid703">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F19_zzw4Sn4OXA1">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0F_zV6milLYIJQd">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1F_zBpg9spKvdl9"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member_zw8QqB9dQ4N6">Estimated for the current fiscal year.</span></span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F00_zhERknXgfBNc">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1E_zZMRL7xdNIT3">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zvJD9QGENRu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member_z0k8U4CuwUUd">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPh9dPTVP674"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zm2EMljpcbw6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zqIgvES1zDQ3" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zkkrh14DEr59" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41D_20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member__oef--ClassAxis__custom--C000274871Member_zoNrbw1jZ71k" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zKAxEErwhWwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zYtlt5ZkXlec" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amkor Technology, Inc. provides outsourced semiconductor packaging and test services that enable semiconductor companies to deliver integrated circuits for use in electronic devices. Its services include packaging, assembly, and testing solutions that protect semiconductor chips and enable their functionality in applications such as automotive, communications, consumer electronics, and computing. The common stock of Amkor Technology, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-29472 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A8A_eoef--RiskTextBlock_ziHSULee6znj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90F_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zc7gIchiaGGg">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zieWZQP0ZLeh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 51.04%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 59.03% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 21.23%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zX2oN2nrEdfl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmkorTechnologyIncInvestingRiskMember_za3mH1uYLkA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Amkor Technology, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, Amkor Technology, Inc. faces risks that include, but are not limited to: its business operates in a highly cyclical and competitive semiconductor industry characterized by fluctuations in supply and demand, rapid technological change, and pricing pressures, which can materially affect revenue, margins, and cash flow available to service debt; it relies on a limited number of large semiconductor customers, and the loss of or reduction in purchases by key customers could materially impair its financial performance; its operations depend on complex global manufacturing facilities, supply chains, and third-party suppliers, exposing it to risks associated with manufacturing disruptions, equipment failures, labor shortages, component shortages, and capacity utilization fluctuations; it must make substantial ongoing capital investments in manufacturing capacity, advanced packaging technologies, and research and development, and there is no assurance that such investments will remain competitive or generate sufficient returns; it faces technological transition risks, including the need to develop and commercialize advanced semiconductor packaging technologies to meet evolving customer requirements; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or reliability issues that could increase costs, result in liability, or damage customer relationships; and its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks, particularly in regions critical to semiconductor manufacturing and supply chains. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zMG3ixKqKsae" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zO199aZTGwKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zeRyooZ18k0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zaDrmYKtVMCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zMQiNeWQQ7ck" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zN88C2ebOOv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Semiconductors and Semiconductor Equipment Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zzLesew5eQy6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zJL96A1xibek" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z4CW4lfCIBCa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zExbUhbdVIa7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z7LmyTK94Ih1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zu1Uyrl7sabc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zuoZfpo4nTz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_ziX1yiILqu69" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zEaL7HKpzpzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zWSKf5ILlV85" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zTGjKjpnSga9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zn0y6ZVPNlF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zjRitrDKAv06" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_903_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z4KgisDc2vXg">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zGeCkzHWFFt8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zIya44BZmsh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zk22SSLbHEqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_z5wPjTmvGCt" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member_zL0py8sokMyd">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member_z9zy4kV2ljM8">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104270Member_z0tqsu8CldJ">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long FORM Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long FORM Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of FormFactor, Inc. (Nasdaq: FORM) (“FORM” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zNT7uo3QEWul" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of FORM. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zCutbE0cdYke" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zJaDyXzqzGjl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zzOs46gcQzMd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member__oef--ClassAxis__custom--C000274851Member_z66YbZlPaSB8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zpfyJCoE2lhb" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F43_zdBvLzhtwSMf">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGPunNNnadfa" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zAM3ErshON5c" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F44_zp0VqodDzhn9">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zR9Ng2EZEcJl" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses<sup id="xdx_F48_zcDH7C16CPkc">3</sup></b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F07_z6KWA4KLGvu7">1</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1E_zhrMtM97JpE1">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F05_zFyXwG2cvAQe">2</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F1B_zYvfOyhHZBEl"><span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member_zz1C0zR0w06l">Estimated for the current fiscal year</span>.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F08_zVvnyQ5eRpA9">3</sup></td> <td style="vertical-align: top; text-align: justify"><span id="xdx_F10_zl6DfDpAh8Pd">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zBMPeGTrjTjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member_zJaT7x26ovrc">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zc5k6NCyzJW4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z491yqEl2TUk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_z8nMvooCt1P9" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zB1YSV5awAYd" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41E_20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member__oef--ClassAxis__custom--C000274851Member_zmNXCWxSZnxe" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zbM87nrApz6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zlnNH5GN23t" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FormFactor, Inc. designs, manufactures, and sells semiconductor test and measurement products used to verify the performance of integrated circuits and wafers during semiconductor development and production. Its products include probe cards, wafer probe systems, and cryogenic test and measurement solutions used by semiconductor manufacturers and research organizations. The common stock of FormFactor, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-50307 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A86_eoef--RiskTextBlock_zwhrD3reoUji" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_905_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z3HbtdGfkQ04">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zWFegJG7saSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 54.25%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 66.47% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 5.33%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z3iqfiMPnrGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FormfactorIncInvestingRiskMember_z4sw79eOsx2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>FormFactor, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, FormFactor, Inc. faces risks that include, but are not limited to: its business operates in a highly cyclical and competitive semiconductor industry, and fluctuations in semiconductor demand, customer capital spending, and technology transitions could materially affect revenue, margins, and cash flow available to service debt; it relies on a limited number of semiconductor manufacturers and customers, and the loss of or reduction in purchases by key customers could materially impair its financial performance; its operations depend on complex manufacturing processes, specialized materials, and global supply chains, exposing it to risks associated with supplier concentration, manufacturing disruptions, component shortages, and cost volatility; it must make substantial ongoing investments in research and development and new product innovation to support advanced semiconductor technologies, and there is no assurance that such investments will result in commercially successful products or maintain its competitive position; it faces technological transition risks, including the need to develop probe and measurement solutions compatible with evolving semiconductor architectures and manufacturing processes; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or performance issues that could increase costs or damage customer relationships; and its global operations subject it to foreign exchange volatility, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains or limit market access. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zjIfsNfs2GNi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zoB6E6ZDmeKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z3wPHRBMtXMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zBFNC98nc3g5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zUap2hFzfMAg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zvriuUsdyii5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Semiconductors and Semiconductor Equipment Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zlVY2M3jzolb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zExVYb6kha9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z6v7zRwc1m1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zZZv3Y90Nuik" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zEaclUGo9gv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zu3x7mY0oMoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zjkXPEF0C9r3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zRWaZOfRmj2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zVCXzFH93Oj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zPcnDVfFWeni" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zdh6ameM4kt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_znktZSNffdhb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zXG994HhVOA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90D_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z93bReb9btL4">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zo7yHUfj7H6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_znyyMQtR254" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zBxHLnuBzx3i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zgPmNTZO9qPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member_z9I3UXwE4Xp2">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member_z1C47aGBfu">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104250Member_zAWfoy1m9V49">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long AMAT Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long AMAT Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Applied Materials, Inc. (Nasdaq: AMAT) (“AMAT” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zS4pWEY7oC0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of AMAT. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zeW0UMgEaNK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zS5PGiJkyLA3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zGjRox5wlLVg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_493_20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member__oef--ClassAxis__custom--C000274870Member_z59lpHOmZWsk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z2J1zTMlv4Yg" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F47_z3b7NqyDC2Y3">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGLMYZMGTtEf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zJzG9JsDXaG9" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F42_zOS9qNge65a4">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zzxqX9wjmTj7" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F47_z2dcZXQZxhA8">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F02_zCz73U7M1aP">1</sup></td> <td id="xdx_F17_zkLcDK9CSeM1" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F08_zzDLVuywGBni">2</sup></td> <td id="xdx_F15_znFVCOVhKeZa" style="vertical-align: top; text-align: justify"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member_z96KnAe2Da8a">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0B_z3SNOcpxUlGc">3</sup></td> <td id="xdx_F17_zWdT6614irrc" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zD5xs84w1JCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member_zSON5jbU3LSj">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z93xKKhgl6s"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zYHCzyepzLWh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zEes0fnpv6Kk" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zPDO3UQA85S2" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_412_20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member__oef--ClassAxis__custom--C000274870Member_z8q9lIo10Zf6" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zjCT7BzAy6h6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zTZIVRoQDxAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Applied Materials, Inc. provides manufacturing equipment, services, and software used to produce semiconductor chips, displays, and related electronic devices. Its products include semiconductor fabrication equipment and process technologies that enable customers to manufacture integrated circuits and other electronic components used in computing, communications, automotive, and consumer electronics. The common stock of Applied Materials, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-06920 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A85_eoef--RiskTextBlock_z848HtYwZ2yh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90A_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zFDKsF30Nigf">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zgW9VeVQauA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 43.63%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 50.66% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 24.39%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_ztmoixpTfPd3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AppliedMaterialsIncInvestingRiskMember_zrgIOhP9lds6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Applied Materials, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, Applied Materials, Inc. faces risks that include, but are not limited to: its business operates in a highly cyclical and competitive semiconductor equipment industry, and fluctuations in semiconductor demand, customer capital spending, and technology transitions could materially affect revenue, margins, and operational results; the company relies on a limited number of large semiconductor manufacturers, and reductions, delays, or cancellations in customer orders could materially impair its financial performance; its operations depend on complex global supply chains, manufacturing facilities, and suppliers, exposing it to risks associated with component shortages, supplier concentration, manufacturing disruptions, and cost volatility; the company must make substantial ongoing investments in research and development and advanced manufacturing technologies, and there is no assurance that such investments maintain its competitive position or generate expected returns; it faces technological transition risks, including the need to develop new semiconductor manufacturing technologies to support evolving device architectures and process nodes; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product performance or quality issues that could increase costs or damage customer relationships; and its global operations subject it to foreign exchange volatility, export controls, trade restrictions, tariffs, and geopolitical risks, particularly restrictions affecting semiconductor manufacturing equipment sales to certain countries, which could limit market access or reduce revenue. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zzCsUCHNLHQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zcmLIuq6Lj65" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zhbP5NcDP5Eg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zVMgZJfHjge8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zdH487YW9UMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zdN5Md9uV5v9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Semiconductors and Semiconductor Equipment Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zH7zqodzeKF" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z9whcwkBoE1e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zd9B1pLzbSgl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zL71djTaQ6A4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z4qDSBjrg4H3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z9Pzljeycs19" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zOF0yrP9QNSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zMhS0mC2x2v" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zwBb9a1Xaavg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zad0F12bzrJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z9HmI93E7zb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_za3pTRNe14Bi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zByW0sZ7whRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90F_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_ziAeQmpSmyKb">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zJnCfoSKIijl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zhoa0oBVD8B8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z7wPaFQMWBJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zExofQ8Gcvjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member_z6SIhTUHqfhg">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member_zQMkjY8Fm4jb">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104269Member_z90rxzdmobs2">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long ENTG Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long ENTG Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Entegris, Inc. (Nasdaq: ENTG) (“ENTG” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zTVJx7gXXm1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of ENTG. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zk4GXULpdmgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zNN3NmZCjODc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zU3EjTY4cLU7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member__oef--ClassAxis__custom--C000274849Member_z55RngYmK19e" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zOBZznzUK9Y1" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4C_zptlgH1xBMsd">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zuOq3U9ftNJ8" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zGomiETCrwQd" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F40_zVHLBJNG5mLk">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zsAfv3qeXmJc" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F4F_zSyeToG5cG91">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F09_zVYJUHadgZZe">1</sup></td> <td id="xdx_F18_zu1Z2ECL6usj" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F07_zSlg9rjbBQR1">2</sup></td> <td id="xdx_F17_zxF3QuWMahqa" style="vertical-align: top; text-align: justify"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member_zu1q1zrsgKGh">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F02_z6f0Vp39klL8">3</sup></td> <td id="xdx_F11_z1waibADO7Pg" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zgMe9luTmk41" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member_zhLUmtzNt6D1">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYoNck3yYMs6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zPVTTpYs1gI9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_z7qSiUPUifEc" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zLhet5wSbDJk" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_415_20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member__oef--ClassAxis__custom--C000274849Member_z2EuMExxmxOe" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zkLaeRdNZOA" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zvN5XqKytZ9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Entegris, Inc. provides advanced materials, components, and process solutions used in the manufacturing of semiconductors and other high-technology products. Its offerings include specialty chemicals, filtration systems, wafer handling products, and contamination control solutions that help semiconductor manufacturers improve yield, performance, and reliability. The common stock of Entegris, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-32598 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A81_eoef--RiskTextBlock_zIgtLKyignbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_908_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zEYUr9LET6Uh">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zEhbIYlqoKKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 50.06%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 60.78% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -2.60%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zkTIvUDu6E5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EntegrisIncInvestingRiskMember_zEcrHQKm4Mo" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Entegris, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, Entegris, Inc. faces risks that include, but are not limited to: its business operates in a highly cyclical and competitive semiconductor industry, and fluctuations in semiconductor demand, customer capital spending, and technology transitions could materially affect revenue, margins, and cash flow available to service debt; the company relies on a limited number of large semiconductor manufacturers and customers, and reductions, delays, or cancellations in customer orders could materially impair its financial performance; its operations depend on complex global manufacturing facilities, supply chains, and suppliers, exposing it to risks associated with manufacturing disruptions, supplier concentration, raw material shortages, and cost volatility; it must make substantial ongoing investments in research and development and advanced materials technologies, and there is no assurance that such investments will generate sufficient returns or maintain its competitive position; it faces technological transition risks, including the need to develop new materials and process solutions compatible with evolving semiconductor manufacturing technologies; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product performance or quality issues that could increase costs or damage customer relationships; its global operations subject it to foreign exchange volatility, export controls, trade restrictions, tariffs, and geopolitical risks, particularly in regions critical to semiconductor manufacturing, which could disrupt supply chains or limit market access; and it may face risks associated with acquisitions, integration efforts, and increased leverage, which could increase operational complexity or affect financial performance. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zBXH2tfsqdFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z03cQJ6jxiFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zO1i2jIS74g5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zY4p2dyyxeNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z8nMFMT4nnx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zGvS0OFoyhh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Semiconductors and Semiconductor Equipment Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zBTTsS5WjXLg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zGWgOVVgJTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z3TmqPBlvFdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zQZdizYbRTe5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zLGkKv2fuoV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z1w10W0YOfZ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zO7c8bucJU4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z1vleARzhey8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zfRf4tTFyzHh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zYme7JdxHdB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zewLPBjXmwT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zeROh9CZ0alc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zpgPRDGg8Nyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_907_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z2EU4dkhFALj">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zqB3F0wr90e8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zH6kfHPCmXJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zX64SenjH5Ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_ziSwi9pDX9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member_zV6ORQRuSOn7">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member_zvCw1CRKsCNb">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104248Member_zh0SCoAGf4h">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long APD Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long APD Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Air Products and Chemicals, Inc. (NYSE: APD) (“APD” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z8oGPn3xLoWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of APD. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zzQ6ZFsKwq4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zWf0MpfauhM2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zFxy44nSeZC" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49A_20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member__oef--ClassAxis__custom--C000274872Member_zVHxf9Q3zCnc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zr0QgHDLK4Wi" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F45_zsY6ohzNQW31">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQz8zdeMVzg6" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z4VWTgIdkai5" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F40_zseda5a98lth">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zyFtiS0z0DG1" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F40_zyaiLvnDJUE3">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F07_zj0Txe8ILSrg">1</sup> </td> <td id="xdx_F15_z1uFz4VZS5De" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0A_zlylZZabR80i">2</sup> </td> <td id="xdx_F1D_zSjkDgfw2Tp8" style="vertical-align: top; text-align: justify"><span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member_zg1uSWE1cBd8">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F09_zglQD2fAiu5i">3</sup> </td> <td id="xdx_F16_zo5zonn5bwg9" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zO0CVc5TEJRf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member_zQJWCoJ4boYk">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zymWc1bCjkG9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zwmnye4IJWq3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zLH16Jj6vJf3" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zFbWQBaYuT22" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41F_20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member__oef--ClassAxis__custom--C000274872Member_z145Yx8Etaqb" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_z96iFVQvjHm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zSCgbNC9ifE4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the materials industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Air Products and Chemicals, Inc. provides industrial gases, related equipment, and services to customers in industries including manufacturing, energy, chemicals, electronics, and healthcare. Its products include atmospheric gases such as oxygen, nitrogen, and argon, as well as specialty gases used in semiconductor manufacturing, refining, and chemical processing. The common stock of Air Products and Chemicals, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-04534 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A8F_eoef--RiskTextBlock_zdzUUjCOl6n5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_900_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zaq30yjXyFC4">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z20Uwc0dvhsc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 26.15%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 28.82% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -2.00%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zkiiWmyZ674j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AirProductsAndChemicalsIncInvestingRiskMember_z2kt6vUrGhj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Air Products and Chemicals, Inc. Investing Risk.</b> Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with in the materials industry, Air Products and Chemicals, Inc. faces material risks that include, but are not limited to: its business depends on demand from industrial, energy, manufacturing, and semiconductor customers, and downturns in these end markets or reductions in customer production levels could materially affect revenue, margins, and cash flow available to service debt; the company operates capital-intensive industrial gas production facilities and large-scale infrastructure projects, and delays, cost overruns, operational disruptions, or failure to successfully execute such projects could adversely affect its financial performance; its operations depend on complex global supply chains, manufacturing facilities, and access to energy and raw materials, exposing it to risks associated with supply disruptions, cost volatility, and infrastructure constraints; the company must make substantial ongoing capital investments in new facilities, infrastructure projects, and technology development, and there is no assurance that such investments will generate sufficient returns or achieve expected performance; it faces operational risks associated with the handling, storage, and transportation of industrial gases, including risks of accidents, environmental incidents, and regulatory compliance requirements; it is exposed to intellectual property risks, cybersecurity threats, operational disruptions, and system failures that could increase costs or disrupt operations; its global operations subject it to foreign exchange volatility, tariffs, export controls, regulatory changes, and geopolitical risks that could increase costs or limit market access; and the company may face risks associated with long-term contracts, joint ventures, and project financing arrangements, including counterparty credit risk and execution risk. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zYurxrSaFg26" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zRRmjUDOeG75" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zhjD0cxOemZg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zu26AmefWxw9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zsL3xo65Lp56" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zBZEK4KWhXSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the materials industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Materials Industry Risk.</i> The Fund is exposed to risks associated with investments in the materials industry, which may be significantly affected by the level and volatility of commodity prices, currency exchange rates (including the value of the U.S. dollar), import and export controls, and global competition. Companies in this industry are sensitive to economic cycles, and periods of excess production capacity or reduced demand may result in pricing pressure, reduced profitability, and losses. The industry may also be adversely affected by fluctuations in interest rates, availability and cost of raw materials, technological developments, labor relations, and changing environmental and other regulatory requirements. In addition, political and economic conditions, both domestically and globally, as well as geopolitical events, may impact supply, demand, and overall industry performance. Any of these factors could materially and adversely affect the value of the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zxhM3isBzpU1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zPF9v4tf70gb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zjpSKAvFZqrg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zQdF777ELWdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zvzLIV12mPVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zmnRsq6ljSac" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zUmrV82RSXEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zmztumxeNxd1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zMFduzND7Yh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zeoZqDc6IQy6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z2idezH5X3xa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zWtu1xrRoVZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z4Hd0Hi4wur5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90B_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwxgGR8GlhMe">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zYBiBAnWmop" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zRCL3d1r0eRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zsTZhC1i8jAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z0yhvplIg0Y3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member_zNT4pyEP0r7j">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member_zERMIYdKnCSf">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104271Member_zFeKRUDmkTMe">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long ETN Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long ETN Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Eaton Corporation plc (NYSE: ETN) (“ETN” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_z80yKySk3vn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of ETN. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zoXaf7KGioH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zqC5QZ8W3UC9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zz75nbsMXvhc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member__oef--ClassAxis__custom--C000274850Member_zQaY7B0VtwLa" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zdWMN575dlz5" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F40_zI7WOa4C7sH8">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4h3uTnzHcuk" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zNi9C2ldIN24" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F4D_zY2LhMpbI0V4">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zAMgefqIrro7" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F4B_zlf7uI3cvlD8">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F06_zGW3MfGbM61k">1</sup> </td> <td id="xdx_F12_zo5l5WJDxMae" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0D_z2wn2tGzgFqa">2</sup> </td> <td id="xdx_F12_zKx2hmJViS8b" style="vertical-align: top; text-align: justify"><span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member_zKRFdnrWDM5k">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F06_z0irL7r4a2gb">3</sup> </td> <td id="xdx_F1A_zxQCuPWs01Kg" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zDVbkY2wMid2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member_zkcMIw0HPlb1">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_ze3nvuNmnSH9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zD51dAIHd0P2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zpQfot0ZzIw" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zvmOdfHAbb6f" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41D_20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member__oef--ClassAxis__custom--C000274850Member_zldJLOOeZ2Pj" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zVP6oBsAR7Va" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zjD5iVPg9kr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Eaton Corp plc provides power management solutions that help customers efficiently manage electrical power. Its products include electrical components and systems, aerospace systems, vehicle components, and industrial power solutions used across markets including utilities, industrial, commercial, aerospace, and data center applications. The common stock of Eaton Corp plc is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-54863 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A84_eoef--RiskTextBlock_zPSKbxAap1ag" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90D_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zlznuX6z6Jkj">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zAL09ZgHdPJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 28.79%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 37.42% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 21.53%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_ztYjmodv5x4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zOKEvS4y5SUh"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EatonCorporationPlcInvestingRiskMember_zM2LmPBWl1Q2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Eaton Corporation plc Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Eaton Corporation plc faces risks that include, but are not limited to: its business operates in cyclical end markets, including industrial, commercial construction, aerospace, and utilities, and downturns in economic conditions, reductions in capital spending, or declines in infrastructure investment could materially affect its revenue, margins, and operating results; the company relies on global manufacturing operations, suppliers, and supply chains, exposing it to risks associated with supplier concentration, component shortages, labor disruptions, cost inflation, and manufacturing interruptions; its business depends on successful development and commercialization of new technologies and products to meet evolving customer requirements and regulatory standards; it must make substantial ongoing investments in research and development, manufacturing capacity, and acquisitions, and there is no assurance that such investments will generate expected returns or achieve expected benefits; it is exposed to intellectual property disputes, cybersecurity threats, operational disruptions, and product quality or safety issues that could increase costs, result in liability, or damage customer relationships; its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains or limit market access; and it may face risks associated with acquisitions, divestitures, restructuring activities, and integration efforts, which could increase operational complexity or prevent it from realizing expected benefits. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zsuIiiEvR8de" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zl9xscWtf7Ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zGIewZ7x3mJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_ztmHzN5RZeF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zDSUwwGozwKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zKZqliCLWdzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Capital Goods Industry Risk. </i>The capital goods industry may be adversely affected by fluctuations in the business cycle and changes in demand for manufactured products and infrastructure. Companies in the capital goods industry are highly dependent on corporate capital expenditures and government spending, which tend to decline during periods of economic slowdown or uncertainty. Demand for capital goods is often cyclical and may be sensitive to changes in interest rates, credit availability, and business confidence, which can result in reduced order volumes, project delays, or cancellations. In addition, many capital goods are sold into global markets, and companies in this industry may be affected by international economic conditions, trade policies, tariffs, supply chain disruptions, and currency fluctuations. Companies in the capital goods industry may also be impacted by volatility in input costs, including raw materials and components, as well as by longer production cycles and backlog risk, which may affect the timing and predictability of revenues and earnings. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zLFODHqFEk63" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zFvRpqxZfU46" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zaK0svhJPsp3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zHELQlwWZVQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zfXEwocBYhwb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zHLAKLvbzVTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z2XxPKvjyCo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zdQtXxj2VyWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zrZuAf9ooYfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zeI91SaqTpIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z9bJpL3G1dYb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zCzczKGsIHZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zX80qg1W8uvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90B_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zDe4FkLtpJfc">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zyCiFqtwv3L7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zFRbKk8Mlr94" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zivso3nUM9V1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zHFPPDU5zoc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member_zEpooDmjgcui">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member_zsXvLebbXO6i">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104249Member_zbi7wB6qwT38">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long LEU Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long LEU Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Centrus Energy Corporation (NYSE: LEU) (“LEU” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zfQnzp7pY551" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of LEU. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_z8UnsHE3SFMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_z7ha4BBOvZ5b"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zIOjltIXFWLe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member__oef--ClassAxis__custom--C000274856Member_z3j1d26DEodk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zhduKvAv1krl" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F44_zlmlkfy7129a">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zrehcMqmRA31" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_ztPLScz8dKzb" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F43_zIMqdSADFzGi">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zmGibMLQv7Lh" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F47_ztOAm0K1ewR1">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F04_z3t7YDS1ddSi">1</sup></td> <td id="xdx_F1F_zlmDLoGoFhaa" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0A_zzUNLKjudXrf">2</sup></td> <td id="xdx_F16_zI8xoYbeOdSg" style="vertical-align: top; text-align: justify"><span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member_zGel6ZEpOmQh">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0C_zhPUaIqllNLb">3</sup></td> <td id="xdx_F1D_zZcUyKrLI1zc" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_z8KBS6K6Oys9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_908_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member_zM35ZZgkuPKi">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZjT8ZoGG5wd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zRUGzm8qA8Ef" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zbSnM92YEtcd" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zsfbJcHnjHWg" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_410_20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member__oef--ClassAxis__custom--C000274856Member_zGFmoxV5cPa6" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_z03MsvQJIiA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_z3cIyaTFzSt6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the energy industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Centrus Energy Corporation supplies nuclear fuel and related services to the nuclear power industry. Its offerings include the supply of low-enriched uranium and advanced nuclear fuel products, as well as services related to uranium enrichment and fuel cycle management. The common stock of Centrus Energy Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-14287 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A8D_eoef--RiskTextBlock_zD2A8AErLyXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_907_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z9AWwfDGh8Gl">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zBHMZENKMyo4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 84.31%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 97.37% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 60.03%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z9wfdaC8DUek" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CentrusEnergyCorporationInvestingRiskMember_zWYiD6zLqdg6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Centrus Energy Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the energy industry, Centrus Energy Corporation faces risks that include, but are not limited to: its business depends on demand for nuclear fuel and services from nuclear utilities and government customers, and reductions in nuclear power generation, changes in government policy, or delays in nuclear energy projects could materially affect revenue, margins, and cash flow available to service debt; it relies on a limited number of customers and long-term contracts, and the loss of or reduction in purchases by key customers could materially impair its financial performance; its operations depend on access to uranium supplies and enrichment capacity, exposing it to risks associated with supply constraints, geopolitical developments, regulatory restrictions, and price volatility; the company operates in a highly regulated industry and must comply with extensive nuclear safety, environmental, and export control regulations, and failure to comply with such regulations could result in penalties, operational restrictions, or loss of licenses; it must make substantial ongoing investments in enrichment technology and nuclear fuel development, including advanced nuclear fuel programs, and there is no assurance that such investments will generate sufficient returns or achieve commercial success; it is exposed to intellectual property risks, cybersecurity threats, operational disruptions, and infrastructure failures that could increase costs or disrupt operations; and its global operations subject it to foreign exchange volatility, trade restrictions, export controls, and geopolitical risks, particularly those affecting uranium supply chains and nuclear fuel markets. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zQqRtDRVK1xe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zqTDIlC93Knk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zTsBHJPQEqj8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zw87UbsB0T47" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zrlXtVRxSJw8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zxV94yMeOBQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the energy industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Energy Industry Risk.</i> The profitability of companies in the energy industry is related to worldwide energy prices, exploration, and production spending. The value of securities issued by companies in the energy industry may decline for many reasons, including, among others, changes in energy prices, government regulations, energy conservation efforts, natural disasters, and potential civil liabilities. Such companies are also subject to risks changes in economic conditions, as well as market and political risks of the countries where energy companies are located or do business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zsGSBtucnJi5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8u8ek7yoJAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zm6JAf8Cqej8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z0DttdMTOpB6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zhuuiC26lxPg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z1zicfeWDVh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zYNGHr2Uvn8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z9CeOFpHISp8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zGDA54inaqc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zYBFsogCCbZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zRH4ay4jnCXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zx6Kbx8Ujau" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zQTU3YpdRqPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_902_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_ztvryvIE5u5b">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_ziqcitv8txRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zXFdbmb1ygHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zXViCp05UuRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zUbXRFnCEyV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_906_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member_zgqgqAZeOrPh">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member_zK00bLxkxkSl">www.ThemesETFs.com </span>or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104255Member_zB6EHwjfWu35">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long VSAT Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long VSAT Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Viasat, Inc. (Nasdaq: VSAT) (“VSAT” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zoML5wolmnja" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of VSAT. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_z3LP8oui579h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zHN3LfxvnK0i"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zdog3UhCK9ld" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_495_20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member__oef--ClassAxis__custom--C000274867Member_zCWzsJ6hnLmi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zk2Sxml2T6h3" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F49_zl043taDlo9k">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zI7dWURrnXYf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zBKKLvek1Del" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F45_zFZOSu8Oas57">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z49RP0QZbnFf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F46_zrK874gu9NQg">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F02_zGYh1wY5zFWl">1</sup></td> <td id="xdx_F1E_zQkHIN66yzTk" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F03_zgQEu4xZS4Yh">2</sup></td> <td id="xdx_F1F_zkFGr2ww48p" style="vertical-align: top; text-align: justify"><span id="xdx_901_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member_zyxNk1ccMjvg">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F0E_zCC6vCtTLZCc">3</sup></td> <td id="xdx_F12_zKqWrAF7b6dg" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zQ0nm2DSJVia" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member_zoYZ5K8EeX57">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_z261mOeuKkNe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zZTdX5SAl72a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zDJ8oPONakZ3" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zql1XvKObd9f" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_41B_20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member__oef--ClassAxis__custom--C000274867Member_zFG5JbVI1X33" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zPJIqGmhD6Ch" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Principal Investment Strategies of the Fund <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zO6NnZXZBiE" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Viasat, Inc. provides satellite communications services and equipment that enable broadband connectivity for consumer, commercial, government, and mobility customers. Its offerings include satellite broadband services, networking equipment, and secure communications solutions used in aviation, maritime, defense, and enterprise applications. The common stock of Viasat, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-21767 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A84_eoef--RiskTextBlock_zHWQPrazbfS8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_904_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zWdvEBFRZgCc">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zN0v6OQJpdki" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 (the “Period”) was 72.84%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 92.34% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 1.08%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zAPN3ISJkn1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ViasatIncInvestingRiskMember_zN37v6G4TOl8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Viasat, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Viasat, Inc. faces risks that include, but are not limited to: its business depends on demand for satellite communications services and equipment, and reductions in customer demand, increased competition, or technological changes could materially affect revenue, margins, and cash flow available to service debt; the company operates capital-intensive satellite systems and infrastructure, and delays, launch failures, operational malfunctions, or cost overruns related to satellite development, launch, or operation could adversely affect its financial performance; its business depends on a limited number of satellite assets and strategic programs, and the loss, degradation, or failure of key satellite systems could materially impair its operations; the company relies on third-party launch providers, suppliers, and ground infrastructure, exposing it to risks associated with supplier concentration, launch delays, and supply chain disruptions; it must make substantial ongoing capital investments in satellite technology, network infrastructure, and capacity expansion, and there is no assurance that such investments will generate sufficient returns or achieve expected performance; it faces technological transition risks, including the need to compete with alternative communications technologies and emerging satellite networks; it is exposed to cybersecurity threats, operational disruptions, intellectual property risks, and system failures that could increase costs or disrupt service; and its global operations subject it to foreign exchange volatility, export controls, regulatory requirements, spectrum licensing risks, and geopolitical risks that could limit market access or increase compliance costs. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zJsjaNeqlJw1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zeflDYbdFJs7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zqbeCN8Ndya7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zpoLRUGnP2R4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zqcPYo7ep9c7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zyUrAtN2scEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Technology Hardware and Equipment Industry Risk. </i>The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z53J8ooJBr61" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ztprOQ2zLsvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zSiI0AxvVLnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zlJuLITwLlTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ztAz4GMK4Vdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zSHc2EN5oRql" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zVWFCiUPp5A" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zqe61F1a96E3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zyEsDCX3kDGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zBhMT0r3B0S7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zDvQRlvamcDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zaRCGXR1xcx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z8SH8yrHPMzh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_902_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zDqByhnN35Ek">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z1c3esVuyA7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zbx1ikbJTcAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z8HSEvWz1GL" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zfvkP5WUFcd3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member_zIXiGoDw8PXh">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member_zWAdHZdl2VQj">www.ThemesETFs.com </span>or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104266Member_zweq6ML9SnPf">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long FPS Daily ETF   IMPORTANT INFORMATION REGARDING THE FUND   The Leverage Shares 2X Long FPS Daily ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (200%) the daily performance of the publicly traded common stock of Forgent Power Solutions, Inc. (NYSE: FPS) (“FPS” or “Underlying Security”). The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor’s returns. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security.   The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the performance of the Underlying Security is flat, and it is possible that the Fund will lose money even if the performance of the Underlying Security increases over a period longer than a single day. Periods of greater Underlying Security volatility may affect the Fund’s return as much as, or more than, the return of the Underlying Security. An investor could lose the full principal value of his/her investment within a single day if the price of the Underlying Security falls by more than 50% in one trading day. Investing in the Fund is not equivalent to investing directly in the Underlying Security. Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_z9rFzv2PFODk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of FPS. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zEYd7SuFHdIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zFGsdRJ623rg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zVvqzkvju5Jj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member__oef--ClassAxis__custom--C000274852Member_z9S4lwF9AgRl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zOJWcQy3yqSe" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left; width: 85%">Management Fees<sup id="xdx_F4F_z9cGfhBO2sBl">1</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zRGs5yzwpkm7" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_ziUredNpXCt6" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.31in; text-align: left">Other Expenses<sup id="xdx_F48_zE7A20KSN2zi">2</sup></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zoDOsUXceBtc" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; text-align: left"><b>Total Annual Fund Operating Expenses</b>^{<b id="xdx_F46_zNLwq6Cep7bg">3</b>}</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"><sup id="xdx_F04_zXlzsa32gZF2">1</sup></td> <td id="xdx_F1B_zujNwsvwP5Qe" style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F07_zWNkrQgJwNe8">2</sup></td> <td id="xdx_F1C_zbZaGVu21UZg" style="vertical-align: top; text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member_zHWXpMH0h4Al">Estimated for the current fiscal year.</span></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><sup id="xdx_F03_zzsuJzEJieSi">3</sup></td> <td id="xdx_F19_z2n2G4R4WUWl" style="vertical-align: top; text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zYX9sEM3mQ9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. <span id="xdx_908_eoef--ExpenseExampleByYearCaption_c20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member_zeFLZUgq3z2">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoVb2KcsEyx8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zQt4JQPUSmX3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_znY5VzFMpm5" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_z8AsPB2VXIA2" style="font-weight: bold; text-align: center"><span style="text-decoration: underline">3 Years</span></td></tr> <tr id="xdx_411_20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member__oef--ClassAxis__custom--C000274852Member_zMFGgezrOgVb" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 50%; text-align: center">$77</td> <td style="width: 50%; text-align: center">$242</td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_z79Etvm2dtHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies of the Fund <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_ziZzYS4hRTcf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange^® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Forgent Power Solutions, Inc. designs, manufactures, and supplies electrical distribution equipment used in data centers, power grids, and energy-intensive industrial facilities. Its products include transformers, switchgear, power distribution units, and integrated powertrain solutions that enable the reliable transmission and management of electricity for critical infrastructure. The common stock of Forgent Power Solutions, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-43102 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day.</b></p> <p id="xdx_A86_eoef--RiskTextBlock_zpkPmsHRV5Y7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_902_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zdCMwCnj6Vqk">The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zZJPeA1WmRE" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">200%<br/>One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this Prospectus, the Underlying Security has not yet traded on a listing exchange for a one-year calendar period and, therefore, does not have an annualized historical volatility rate or total return performance available to report. When available, historical volatility and performance are not indications of what the Underlying Security volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of the Underlying Security may differ from the volatility of the Underlying Security. Given that the Underlying Security recently commenced trading in February 2026, there is limited data on which investors can evaluate the security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zNdUC5hMs1Lf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForgentPowerSolutionsIncInvestingRiskMember_zS9cVcGs11N6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Forgent Power Solutions, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Forgent Power Solutions, Inc. faces risks that include, but are not limited to: its business depends heavily on capital spending by data center operators, utilities, and industrial customers, and reductions, delays, or volatility in infrastructure investment, including demand related to cloud computing and artificial intelligence, could materially affect revenue, margins, and cash flow available to service debt; the company operates in cyclical and competitive end markets and faces competition from larger, diversified electrical equipment manufacturers, which could adversely affect its market share and pricing; its operations depend on complex manufacturing processes, specialized components, and global supply chains, exposing it to risks associated with supply disruptions, raw material cost volatility, labor availability, and production delays; it must make substantial ongoing capital investments in manufacturing capacity, product development, and operational expansion, and there is no assurance that such investments will generate sufficient returns or meet expected demand; its business depends on successful execution of engineered-to-order projects, and delays, quality issues, or performance failures could result in increased costs, contractual liabilities, or reputational harm; it is exposed to operational risks, including manufacturing disruptions, equipment failures, and project execution challenges, which could impair its ability to deliver products on schedule; its global operations subject it to foreign exchange volatility, tariffs, export controls, trade restrictions, and geopolitical risks that could disrupt supply chains or limit market access; and the company has recently undergone rapid growth and integration of multiple manufacturing operations, exposing it to risks related to operational integration, scalability, and execution. These and other factors could materially adversely affect its results of operations, financial condition, and cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; margin-left: auto; text-align: justify">As the Underlying Security has recently completed its initial public offering, there will be limited public trading history upon which investors can evaluate its performance, and the market price of its common stock may be volatile following the offering. The trading price of the Underlying Security’s common stock may fluctuate significantly due to company-specific developments, changes in investor expectations, general market conditions, lock-up expirations for pre-IPO shareholders, changes in trading volume, the entry or exit of large shareholders or other factors unrelated to its operating performance. The Underlying Security is a highly dynamic company, and its business model, products, services, and strategic focus may change over time, which could adversely affect the value of the Fund’s investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: justify; color: #156082"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zyfF59XkVI16" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>FLEX Options</i>. FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact to pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection could reduce the Fund’s ability to achieve its investment objective. Additionally, in a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zjoU2OOzg1Ui" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Counterparty/Collateral Risk.</b> If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zTlKUrJ9M6b3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zTFSTwGIbzmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zDhZx9JDSYS7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zOZLHEW1J9E7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Capital Goods Industry Risk. </i>The capital goods industry may be adversely affected by fluctuations in the business cycle and changes in demand for manufactured products and infrastructure. Companies in the capital goods industry are highly dependent on corporate capital expenditures and government spending, which tend to decline during periods of economic slowdown or uncertainty. Demand for capital goods is often cyclical and may be sensitive to changes in interest rates, credit availability, and business confidence, which can result in reduced order volumes, project delays, or cancellations. In addition, many capital goods are sold into global markets, and companies in this industry may be affected by international economic conditions, trade policies, tariffs, supply chain disruptions, and currency fluctuations. Companies in the capital goods industry may also be impacted by volatility in input costs, including raw materials and components, as well as by longer production cycles and backlog risk, which may affect the timing and predictability of revenues and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zUVpaJA4nred" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zOvysNiYz6Ml" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zDbcmsBsjKNf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zWGJgM8Qblr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zeTor9I2sfU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zorZZeqUOmra" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z20OiOgVSXPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zwuQaOxQ3Xr6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Trading. </i>Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z8Pj5vV10781" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z4EPfGkcj58f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zaVFs5yAgiPb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InitialPublicOfferingIPORiskMember_zKlmQDR7vFmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: justify"><b>Initial Public Offering (“IPO”) Risk. </b>The market value of shares of an IPO, including those of the Underlying Security, will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares or derivatives on IPO shares may involve high transaction costs. IPO shares and derivatives on IPO shares are subject to market risk and liquidity risk. For an inverse leveraged fund, these risks may be heightened immediately following an IPO, when sharp increases in the price of the Underlying Security may result in rapid and significant losses, potentially including a total loss of an investor’s investment in a single day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: justify; color: #156082"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zH1WkBaH8ySe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zVeE2q3p569h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90E_eoef--RiskTextBlock_c20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z4AXOKM2ouUd">The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zx6sboYIeuw1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zGF50gz8QvTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z1DD6jRhQ8Xj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> Fund Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_z6BqWpt6R9u8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member_zany0KYnfet4">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member_zoefADwIO6r">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260506__20260506__dei--LegalEntityAxis__custom--S000104251Member_zGJAKFv7v3h2">1-866-584-3637</span>).</p> Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.